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Author: 


Smith,  William  W. 


Title: 


Practical  book-keeping  for 
youth 

Place: 

New  York 

Date: 

1868 


MASTER    NEGATIVE   # 


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ORIGINAL  MATERIAL  AS  FILMED  -    EXISTING  BIBLIOGRAPHIC  RECORD 


8li«i»MPS« 


Sm61 

^^•^-^^^^^^  Smith,  William  W. 

Practical  book-keeping  for  youth.  Book-keeping  by  single 
and  double  entry,  simplified  ...  By  AV.  W.  Smith  and  Edward 
Martin.    New  York,  A.  S.  Barnes  ^  Burr,  ISolh  1868  • 

4    p.  1.,  t9i-63,  98,  i2)  p.  incl.  forms.    22i  x  19™. 


l^ookkeepiug.        i.  Martin,  Edward,  joint  author. 
Library  of  Congress 


Viiiwi» 


HF5C35.S60    1859 
[3Sbli 


7—3823 


RESTRICTIONS  ON  USE: 


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FILMED  BY  PRESERVATION  RESOURCES,  BETHLEHEM,  PA. 


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PRACTICAL   BOOK-KEEPING  FOR  YOUTH. 


.  BOOK-KEEPOG 


BY 


SINGLE  AND  DOUBLE  ENTRY, 


SIMPLIFIED, 


AND 


ADAPTED  TO  THE  USE  OF  COMMON  SCHOOLS. 


BY 


W.   W.   SMITH  AND  EDWARD   MARTIN. 


NEW   YORK: 
A.  S.  BARNES   &  Co.,  Ill  &  113  WILLIAM  STREET. 

BOSTON: 
WOOLWORTH,  AINSWORTH  &  Co. 

1868. 


■a««^6afiWfcw*iwr^*''«"wa«*5iW»«tMM«*- 


'.,   1 1» >..•>■>•<«•<»» 


ENTERED    ACCOKDINO    TO    ACT    OF.  CoXGRESS,    IN    THE    YeAR   EIGHTEEN    IlnNDRED    AND   FiFTT-NINE 

BY    A.    S.    J3AKNKS    ifc    BURR, 

In  THE  Ci-erk's  Office  of  the  District  Cqckt  of  the  United  States  for  the  ISouthkkn  District 

OF  New  York. 


RENNIE,  SHEA  &  LINDSAY, 

Stereotypers  &  Electrotypers, 

81,  83  Si  S?  Centre-8t., 

NEW  YORK. 


6E0B0E  W.  WOOD,  Pbintiii, 
No.  Si  Dutch-street, 

NEW  YORK. 


en 


CD 


PREFACE. 


The  following  system  of  Book-keeping  by  Single  Entry  is  an  easy,  concise,  and 
methodical  plan  to  record  every  transaction,  and  to  exhibit,  on  slight  inspection, 
the  actual  state  of  the  business. 

Mostly  all  the  works  on  this  subject  now  employed  have  been  prepared  for  the 
use  of  wholesale  merchants,  leaving  the  retailers,  mechanics,  farmers,  &c.,  who  transact 
the  greater  portion  of  the  business  of  the  country,  without  a  guide. 

This  work  being  self-instructing,  is  particularly  well  adapted  to  fill  this  vacancy, 
and  enable  all  to  keep  their  accounts  with  perspicuity  and  accuracy,  whose  business 
is  NOT  of  such  a  nature  as  to  require  the  more  complex  method  of  accounts  comprised 

in  Double  Entry. 

In  compiling  this  work,  constant  care  has  been  taken  so  to  simplify  and  arrange 
it,  that  young  ladies  may  easily  comprehend  its  mysteries,  and  thus  render  to  them- 
selves, parents,  or  others,  great  service. 


CONTENTS  OF  SINGLE  ENTRY, 


Questions  and  Answers 9 

Index  to  First  Form — Single  Entry 11 

Single  Entry — First  Form .* 12 

Balance  Sheet  of  First  Form ^ 28 

Single  Entry — Second  Form,  First  Set 29 

Day-Book , 31 

Ledger 39 

Balance  Sheet 46 

Single  Entry — Second  Form,  Second  Set 47 

Day-Book 49 

Statement  of  the  Net  Profits  or  Losses  ;   also  of  the  Dividends 55 

Ledger — Second  Form,  Second  Set 57 

Index  to  Ledger 58 


■^HMMOWaM 


II 


? 


PRACTICAL   BOOK-KEEPING   FOR   YOUTH. 


Q.  What  is  Book-keeping  ? 

A.  Book-keeping  is  the  art  of  recording  mercantile  transactions  in  a  regular  and 
systematic  manner. 

NoTE.-Book-keeping  is  the  art  of  keeping  acopunts  in  such  a  manner  that  a  person  may  know  the  true  state  of  his 
busmess  and  property,  or  of  his  debts  and  credits,  by  an  inspection  of  his  books. 

Q.  "What  is  an  Account? 

A.  An  Account  is  a  registry  of  debts  and  credits,  or  charges. 

NoTE.-An  Account  is  an  entry  in  a  book,  or  on  paper,  of  things  bought  or  sold,  of  payments,  services,  &c.,  includ- 
ing the  names  of  tlie  parties  to  the  transaction,  date  and  price,  or  value  of  the  thing. 

Q.  How  do  we  arrange  an  Account  ? 

A.  We  place  on  the  left-hand  page  of  the  hook,  or  side  of  the  paper,  the  debits  • 
and  on  the  right-hand  page,  or  side,  the  credits  of  the  person  with  whom  the  account 
is  kept. 

Q.  How  many  kinds  or  methods  of  Book-keeping? 

A.  Two  ;  one  by  Single  Entry,  and  one  by  Double  Entry 

Q.  What  is  Single  Entry? 

A.  The  name  Single  Entry  is  applied  to  that  kind  of  Book-keeping  where  the  trans- 
actions have  but  a  single  entry  in  the  Ledger. 

Q.  What  is  Double  Entry  ?  ' 

A.  The  name  Double  Entry  is  applied  to  that  kind  of  Book-keeping  where  the 
amount  of  each  transaction  is  entered  on  two  different  accounts  in  the  Ledqer 

NoTE.-The  Balance  Sheet  will  exliibit  a  statement  of  double  the  amount  of  the  present  worth. 

Q.  What  books  are  necessary  in  Single  Entry  ? 

A.  The  Ledger,  the  Day-hook,  and  the  Cash-book. 

^tho;T  r^'i  ^fT  ''"/•  ^^'  ^^y-^°«^^  ^^«  «^«  o»Jy  books  generally  used  in  Single  Entry,  but  it  is  very  desirable 
that  a  Cash-book,  and  m  most  cases  a  Cash  Sales-book,  be  kept.  «  J'      t  us  very  aesiraoie 

Q.  What  is  the  Ledger  ? 

A.  The  Ledger  is  the  principal  hook  of  accounts  among  merchants,  as  it  exhibits  the 
condensed  accounts  of  all  the  debtors  and  creditors. 

NoTE.-The  Ledger  contains  a  systematic  view  of  the  whole  business ;  all  the  other  books  used  in  business  mav  be 
considered  as  tributaries  to  it,  as  it  is  to  this  the  merchant  refers,  not  only  for  the  generarstatrofhLTffa^^^^^ 

Creditor  side  is  a  list  of  our  liabilities,  or  what  we  owe.     If  the  amount  of  the  Dr.  be  the  larger  the  dlffe^en^ 

Q.  What  is  the  Day-book  ? 


i 


it 


A,  The  Dan-hook  is  a  hooh  in  ivliich  all  business  transactions  should  he  recorded  at 
the  time,  and  in  the  order  in  luhich  they  occur. 

Note  -I.i  the  Day-book,  no  space  is  reserved  for  each  man's  account,  as  there  is  in  the  Ledger,  but  ever>'  transaction 
is  entered  as  it  occurs.  Alt  transactions  siiould  appear  in  the  Day-book,  otherwise  their  correctness  may  be  questioned. 

Q.  What  is  the  Cash-book  ?  .    ^        '  •  7 

A.  The  Cash-hook  is  the  hook  in  ivhich  is  recorded  every  sum  of  money  received  or  paid. 

Note.— The  Cash-book  should  be  balanced  every  evening. 

0   AYhat  is  Postiii"*? 

A.  Posting  is  the  collecting  and  transferring  the^  several  items  of  each  person's 
account  from  the  Day-hook  to  their  appropriate  places  in  the  Ledger. 

NoTE.-The  several  entries  should  be  posted  in  the  order  of  the  time  of  occurrence. 

Q.  What  is  the  BaUmce  of  an  account  ?  * 

A  Balance  is  the  difference  hetween  the  Dehtor  and  Creditor  amounts  of  an  account. 

NoTE.-The  Balance  ofdittoronce  between  the  two  sides  is  placed  on  that  side  having  the  least  amount,  and  shows 
that  so  much  is  wanting  to  render  the  two  sides  equal. 

Q.  What  is  balancing  ?  ,       -r.  ,  ,  7    ^    ^  -a 

A.  Balancing  is  the  finding  of  the  difference  hetween  the  Dehtor  and   Creditor 

amounts  of  an  account 
Q.  What  is  a  Debtor  ? 

A.  Ji  Dehtor  is  the  person  or  thing  that  oiues. 

Q.  When  is  a  person  Debtor  ? 

A.  When  he  gets  into  my  deht,  he  is  dehtor  for  the  amount. 

Q.  What  is  a  Creditor  ? 

A.  A  person  to  whom  a  sum  of  money,  or  other  thing,  is  due. 

Q.  When  is  a  person  Creditor  ? 

A    ^Yhen  I  net  into  his  debt,  he  is  creditor  for  the  amount. 

NoTE.-When  I  get  out  of  his  debt,  he  is  Dr.  for  what  1  pay  him ;  when  he  gets  out  of  my  debt,  he  is  creditor  for 
what  he  pays  me. 

Q.  What  is  a  Debit  ? 

A.  A  Dehit  is  your  account  against  another. 

Q.  What  is  a  Credit? 

A.  A  Credit  is  your  account  in  favor  of  another. 

Q   AVhich  side  of  the  Ledger  is  used  for  Debits,  and  which  for  Credits  ? 

A.  The  Debits  are  always  on  the  left,  and  the  Credits  are  alioays  on  the  right  side 

of  the  page  of  the  Ledger.  . 

NoTE.-If  two  pages  be  used,  the  one  on  the  left  contains  the  debits,  and  that  on  the  right  the  credits. 

Q.  What  accounts  are  kept  by  Single  Entry  ? 

A   The  accounts  kept  hy  Single  Entry  are  only  those  ivith  persons, 

NoTE.-The  Dr.  side  of  an  account  will  show  what  they  owe  us,  and  the  Cr.  side  what  we  owe  them. 

When  using  this  book  the  learner  should  consider  the  business  his  own,  and  that  he  has 
really  an  account  with  each  of  the  persons  mentioned. 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


11 


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Tlie  Alphabet  or  Index  is  the  place  where  the  names  of  all  the  persons  having  accounts  in  the  Ledger  are  placed,  in  alpliabet- 
ical  order,  with  the  number  of  tlic  page  of  the  Ledger  on  which  the  accounts  of  such  persons  are  entered. 

Indexes  usually  occupy  the  first  part  of  a  Ledger,  and  are  generally  so  arranged  that  each  letter  of  the  alphabet  luis  a  page 
allotted  to  it.     When  the  Ledger  is  very  large,  it  is  more  convenient  to  have  it  in  a  separate  book. 


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To  balance  the  accounts  in  this  fonn,  you  add  the  sums  of  the  debit  side  together,  and  then  the  sums  of  the  credit  side. 
Subtract  the  smaller  amount  from  the  greater,  and  place  the  diflerence,  which  is  called  "  Balance,"  on  the  side  of  the  less  amount. 
If  the  debit  side  be  the  greater,  the  difference  or  "  Balance"  is  duo  to  you  ;  but  if  the  credit  side  be  the  greater,  you  owe  that 
amount  to  that  account.  In  the  above  account  the  sums  of  the  debit  side  amount  to  $108.65,  and  the  credit  side  to  $195.78 ;  you 
subtract  the  $108.65  from  $195.78,  and  place  the  difference  or  "  Balance,"  which  is  $87.13,  on  the  debit  side,  as  that  is  the  less, 
and  which  is  the  amount  of  what  you  owe  James  Fairman.  The  debit  and  credit  sides  will  now  foot  alike.  You  next  draw 
single  lines  under  the  columns,  directly  opposite  each  other;  and  after  placing  the  amount  imder  them,  you  draw  double  lines 
under  the  amount  to  signify  that  the  two  sides  are  balanced  and  closed.  When  one  side  of  the  account  contains  more  entries 
than  the  other,  as  in  this  example,  an  oblique  line  should  be  drawn  across  the  vacant  space.  The  closing  entry,  "  To  Balance," 
is  often  made  with  red  ink,  in  order  to  distinguish  it  from  the  other  entries,  which  are  real  debits  or  credits.    Ked  ink  should  be 

used  also  for  the  ruling. 

If,  after  balancing,  you  desire  to  reopen  the  account,  you  have  only  to  bring  down  the  balance  on  its  proper  side— that  is, 
the  side  having  the  greater  amount,  as  in  the  account  above,  after  balancing,  we  find  that  the  balance  is  in  favor  of  the  credit 
side,  or  that  avc  owe  James  Fairman,  $86.13  ;  and  in  reopening  the  account,  we  must  credit  James  Fairman  with  that  amount. 
See  the  account. 


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Balance  Sheet  in  tliis  book  is  placed  at  the  end  of  the  Ledger,  bnt  for  convenience  of  reference,  as  tlio  books  should  bo 
balanced  at  the  end  of  every  year,  the  several  Balance  Sheets  should  bo  put  m  a  separate  book,  so  that  they  can  be  readily  referred 
to  and  contrasted. 


SINGLE    ENTRY, 


DAY-BOOK 


SECOND    FORM.  — FIRST    SET. 


-^    — ~,— _,^^»-..i^ 


^^^^S^n^H^ZyiTi^-M^ ami^^J-^  , 


^^^^?*^2Sl3S^SSl;£r^ZJS22SSS^2£- 


-^-^^T^-*— ^■'~*-~ 


.  ..'j:.!*,'«....-,;,J|a,fe;s-jn,j.  \'Si,A 


I' 


SECOND    FORM. 


-♦-•♦- 


The  books  rcq^uircd  in  this  form  arc  the  Casii-Book,  Day-Book,  and  Li:dokk. 


CASH-BOOK. 


Tlie  Cash-book  is  kept  for  the  purposg  of  recording  the  amount  of  all  moneys  received  and 
paid. 

The  amount  of  Cash  on  hand  at  the  commencement  of  business,  and  all  money  received 
from  any  s<mrce  whatever,  must  be  entered  on  the  Dr.  side,  specifying  for  wliat  it  was  received ; 
and  all  money  paid  out  for  any  purpose  whatever  must  be  entered  on  the  Cr.  side,  specifying 
for  what  it  was  paid.  Tlie  difference  between  the  two  sides  at  any  time  will  be  the  sum  on 
hand.  In  balancing  the  account.  Cash  should  be  credited  with  tlie  amount  on  hand.  The  first 
entry  in  the  Cash  account  must  always  be  on- the  Dr.  side,  for  no  one  can  pay  out  money  unless 
he  fii*st  has  it  on  hand,  therefore  the  Cr.  side  can  never  exceed  the  Dr.  side  except  by  error. 
By  some,  a  Cash  account  is  kept  in  the  Ledger,  in  order  that  the  Ledger  may  show  the  whole 
business.  Tlie  account  is  kept  by  posting  at  the  end  of  each  month  in  one  item  the  whole 
amount  received  during  the  month,  and  in  another  the  whole  amount  paid  out. 

DAY-BOOK.  * 

In  this  form  all  our  transactions  are  first  entered  upon  the  Day-book,  and  from  it  they  are 
posted  or  carried  to  their  proper  places  in  the  Ledger. 

Whenever  you  perform  work  for  a  person,  or  sell  him  any  thing,  or  pay  him  money,  or  he 
in  any  manner  becomes  indebted  to  you,  he  must  be  debited  with  the  same  in  this  book,  to 
show  that  lie  owes  you.  And  whenever  any  person  sells  you  any  thing,  pays  you  money,  or 
does  work  for  you,  or  you  in  any  other  manner  become  indebted  to  him,  he  must  be  credited 
with  the  same  in  this  book,  to  show  that  you  owe  him. 

In  entering  purchases  it  is  allowable  to  say  "Amount,  as  per  bill,"  &c.,  as  you  have  the 
Invoice  ;  but  in  entering  sales^  the  items  should  always  be  mentioned  in  this  book.  Erasures 
are  not  allowable. 

•  Ijt  this  woitK  the  pupil  .should  post  the  Day-book  entries  as  soon  u.s  made  ;  it  is  U8ual  for  iiicrchant.s  to  postpone  posting  until 
Bonie  leisure  time  ;  but  it  will  be  more  advantageous  to  the  pupil  to  post  as  he  advances,  thereby  getting  a  practical 
■working  of  the  books. 


PTwACTICAL    BOOK-KEEPING    FOR    YOUTH. 


31 


©4^^  ^i^otd,  ^a?iaaz^u  S^  foS^* 


■i. 

Q^f/ioufi^  o/  '^i^yaJ/i.  Oft  ^<z?i(/  /jce    ^Sa^n-^oou/ 

/ 

47 

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74 
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S7^ 

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//'tYicci?Ji   J^e/f^oft,      ,,       ,,       ,,           ,,        _^ 

Xu7nci)  J^oneJ                ,,      ,,      ,,           ,,        _ 

^ 

^r               ^                            "       "       "            "         — 

G^iu^Uafb   Oywacjt         ,,       ,,       ,,            ,,         

r^f 

(2r  owe  O'J  j/o'Uotitd  .' 

/jut/(el   Gi/couKztc/,      o/h  <zccou?it 

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7^ 

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^/lalu^   .SLcito^lCftc/f,  ,,           ,,         

'^4 

»  Be  particular  to  head  each  page  of  the  Day-Book  with  the  name  of  the  place  of  doing  business,  and  the  date  of  the  first 
transaction  on^he  page. 

t  The  learner  must  put  \\\  this  column  the  number  of  the  page  of  his  Ledger— not  the  number  that  is  here,  as  this  refers 
only  to  the  page  in  the  Ledger  of  this  book. 

Folio,  in  Book-keeping,  means  page,  or  rather  both  the  Dr.  and  Cr.  side  of  an  account. 

The  al»ove  account  nnist  be  posted,  that  is,  carried  to  the  Ledger,  under  the  head  of  "Stock  Account"  (which  represents 
your  own  name),  crediting  all  that  is  invested,  and  debiting  all  that  is  owed.  Therefore  Stock  must  be  credited  with  $4226.51, 
and  debited  with  ^072.34.  James  Fairman,  William  Benson,  James  Jones,  and  Xathan  Swain  must  each  be  debited  with  the 
amounts  opposite  their  nanaes,  because  they  owe  you;  Walter  Howard  and  Charles  Lawrence  must  be  credited  with  the  amounts 
opposite  their  names,  because  you  owe  them. 

You  must  write  the  units  column  of  dollars  as  near  the  division  line  of  dollars  and  cents  as  possible,  to  prevent  the  insertion 
of  any  other  figures.  Keep  the  columns  of  units,  tens,  &c.,  directly  under  each  other,  and  at  equal  distances  apart.  Make  neat, 
plain  figures  of  uniform  size,  the  T's  and  O's  extending  but  a  short  distance  below  the  line,  and  avoid  all  flourishes,  as  accuracy, 
perspicuity,  and  neatness  arc  the  excellencies  of  Book-keeping. 


h 


ii 


32 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


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PRACTICAL    BOOK-KEEPING    FOR    YOUTH 


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„     /       „        o/ ^^ulcd,  4""^  ^^ - (^  ./?§ 

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SINGLE    ENTRY. 


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LEDGEK. 


SECOND   FORM.- FIRST    SET. 


I 


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40 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


ef^c/ex  ^o   (^econ(/  (^ozm,    (M'l-^l  G^?/. 


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PRACTICAL  BOOK-KEEPING  FOR  YOUTH. 


41 


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// 


*  "  Sundries  :"  several  things  or  matters. 

In  this  entry  we  use  the  term  "Sundries,"  instead  of  the  names  Walter  Howard  and  Charles  Lawrence,  as  bj  doing  so  we 
8.ci'0  space,  the  two  sums  being  condensed  into  one. 

t  In  this  entry,  the  term  "  Sundries"  is  tised  instead  of  the  items  "  Cash,  Merchandise,  James  Fairman,  William  Benson, 
James  Jones,  and  Nathan  Swain,"  for  the  reasons  given  above. 

The  above  account  properly  belongs  to  Double  Entry.     It  is  inserted  here  merely  for  convenience,  in  showing  the  amount  of 

capital  invested. 

The  Debtor  side  shows  what  I  owe  when  my  books  are  opened,  and  the  Credit  side  shows  my  property  at  that  time. 

In  commencing  the  Ledger,  the  pupil  must  notice  tlie  spaces  in  the  printed  form ;  and  then,  as  the  printed  form  and  the 
blank  books  are  nearly  of  the  same  size,  lie  must,  in  writing  in  the  blank  books,  preserve  similar  spaces.  The  several  accounts 
and  items  are  to  occupy,  as  nearly  as  possible,  a  corresponding  place  in  the  blank  books.  Care  must  be  taken  to  write  of  a 
uniform  size  and  slant,  to  make  small  capitals,  and  the  letters  that  extend  above  or  below  the  line  short,  so  as  not  to  interfere  with 
the  line  above  or  below.  The  units  column  of  the  dollars  should  be  placed  close  to  the  division  line  between  dollars  and  cents, 
so  as  not  to  admit  of  any  additional  figures. 


6 


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i 
i 


51. 


PRACTICxVL    BOOK-KEEPING    FOR    YOUTH 


*  You  here  enter  the  .cvend  articles  purehascd  of  you  l>y  Jun.cs  Fuinnun  us  "  Mcreluuulisc,"  for  reasons  given  before. 


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In  this  account,  you  sec  that  the  Dr.  side  is  the  greater;  therefore  the  Balance  is  entered  on  th^  Cr.  side,  in  order  that  the 
two  sides  may  add  equal  amounts  ;  finish  by  drawing  double  lines  under  each  side. 

In  opening  the  new  account,  the  Balance  is  carried  to  the  Dr.  .idc,  as  he  still  owes  you. 


1 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH.                             43 

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DAY-BOOK. 


SECOND    FORM.  — SECOND    SET. 


Ill 


. 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


49 


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j^/  MuA 


■jy 


auznca ... — 


My  G^ic^'n^c^. 


My  Mcz^Ttce 


^ 


*  See  Charles  Lawrence's  accovmt. 


S^^omad    ^Zi 


zee?na?i. 


&/o    '-i^add. 


^J 


J^ 


/ 


My  Ma^n^ 


/ 


*  See  Charles  Lawrence's  account. 


s 


:f(^^ 


c^ 


4^ 


My  Ma^7ice. 


7^ 


44 


44 


OO 


t?{? 


OO 


^. 


^J 


c?^ 


/^i* 


4§ 


There  is  a  closing  line  drawn  under  the  above  $192.48,  because  the  payment  of  February  9th  squared  the  account,  and  we 
should  never  allow  an  old  settled  account  to  get  mixed  with  the  new  account. 


E 


il    1 


! 


62 


.PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


i. 


EfZTned 


tone^. 


^  q/o  Q^i^elcd<znc/u>fi— 


/y 


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My  Mcz^nce.. 


i. 


imam    J:2:)cn4on. 


c^ 


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^aTTied 


(^ai'i 


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(£/o  ^/^ci^uancuac... 


Qy^l.       /  ^  Ma/a?t<:e. 


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PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


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,1 


PREFACE 


-•  •< 


The  want  of  a  system  of  Book-keeping  by  Double  Entry,  which  should  be  adapted 
to  the  use  of  Common  Schools^  has  been  very  extensively  felt,  and  with  the  in- 
tention of  supplying  this  want  the  present  work  was  undertaken.  The  author 
does  not  claim  to  have  discovered  any  principle  in  the  science  that  is  new^  but  he 
does  claim  to  have  so  simplified  the  subject,  by  the  manner  of  presenting  it,  as  to 
place  a  knowledge  of  its  principles  within  the  attainment  of  many  who,  in  the  form 
in  which  those  principles  are  presented  in  works  now  in  use,  have  failed  of  deriving 
from  them  that  practical  benefit  which  is  needed  by  those  who  have  not  the  means  of 
acquiring  a  higher  education. 

The  improvement  in  this  treatise  consists  in  the  manner  in  which  the  subject  is 
explained,  by  asking  questions,  giving  the  answers,  and  having  the  entries  of  all 
concerned  in  it  given ;  also,  by  giving  the  forms  of  Receivable  and  Payable  Bills, 
Drafts,  Bills  of  Merchandise  bought  and  sold.  Receipts  for  Cash  paid  out  and  received, 
Orders,  etc.,  and  having  the  same  numbered  to  correspond  with  the  transaction  as 
specified  in.  the  Day,  Bills  Receivable,  and  Payable  Books,  thus  giving  the  beginner 
the  reasons  and  form  of  every  thing  connected  with  each  transaction  as  it  would 
occur  in  actual  business. 

The  author  submits  this  work  to  the  impartial  judgement  of  an  intelligent  public, 
having  full  confidence  that  whatever  advantages  it  may  possess  will  be  duly  appre- 
ciated by  the  friends  of  Education  and  of  the  Common  School, 

Burlington,  Vt.,  January  1,  1859. 


":SSM 


I 


li  i'> 


* 


CONTENTS  OF  DOUBLE  ENTRY. 


^•4 


*»'^ 


Introduction ,, 

To  THE  Pupil « 

Manner  of  Recitation g 

Explanation  of  Figures,  &c |q 

Rules ^^ 

Books  Used  in  this  Method 11 

Explanation  on  Opening  the  Books jj 

Transaction  and  Explanation  Book ^5 

Dat-Book — Original  Entries og 

Entries  fob  Closing  the  Books,  &o a*t 

Entries  fob  Rk-openinq  or  a  Coxtinuation,  &o 49 

Index  to  Ledger k^ 

Ledgeb -q 

Cash-Book ^rt 

02 

Bills  Receivable  Book gg 

Bills  Payable  Book itq 

Trial  Balance — First  Form ^o 

• • <^ 

"           "           Second  Form >-o 

Explanation  of  Trial  Balances fro 

Inventory  Book ,j^ 

Forms  of  Bills  and  Notes  Receivable fj^g 

Forms  of  Bills  and  Notes  Payable fj-g 

Forms  of  Drafts gj 

Forms  of  Orders gi 

Forms  of  Cash  Receipts , 09 

Forms  of  Bills  of  Merchandise g^ 

Remarks  on  Closing  the  Ledger m 

Report,  or  Statement go 

Notes  to  the  Transaction  and  Explanation  Book ; 94 

Examples  for  Practice g^ 

Mercantile  Forms,  &o 09 


i 


INTRODUCTION. 


—~^- 


•♦^-^ 


Book-keeping  is  the  art  of  recording  Mercanlile  transactions  in  a  regular  and  systematic 
manner.  The  system  of  Book-keeping  by  Double  Entry  is  that  in  which  every  entry  has  both 
a  debit  and  credit,  which  are  equal  in  amount. 

The  difference  between  Single  Entry  and  DouUe  Entry  Book-keeping  is  as  follows   viz.  : 
In  SimjU  Entry^  each  transaction  has  but  one  account  opened  in  the  Ledger,  and  the 
amount  is  entered  to  the  debtor  or  credit  side,  as  the  case  may  be ;  while  in  Double  Entry^  the 
same  amount  is  entered  in  the  Ledger  under  two  different  accounts,  one  to  the  debtor  and  the 
other  to  the  credit  side. 

Example.— Should  I  sell  Edmund  Burke  a  bill  of  merchandise,  amounting  to  $1400,  which 
he  does  not  pay  for  at  the  time,  in  Single  Entry  I  simply  open  an  account  with  him  in  the 
Ledger,  and  charge  him  to  the  same  amount ;  but  in  Doitble  Entry,  besides  making  Edmund 
Burke  debtor,  I  also  open  an  account  with  Merchandise,  which  is  credited  with  the  same 
amount. 

ILLUSTRATION. 


z. 


{Ledger.) 


Samand  £SuiAe. — {Singh  Entry.) 


V^, 


/ 


Qyo   C~>7oelcAa?i(Zcae. 


/4^^ 


0{? 


{Ledger.) 


Sc/munc/  ^Ou-^Ae. — {Double  Entry.) 


UfZ. 


/ 


q7o   <S^Oetc/ia?ic/e^ . 


/4^^ 


0(? 


^■i. 


{Ledger^ 


(^Heic^m/use. — {Double  Entry.) 


^K, 


/ 

-^^  S'c/f/tun<:/  ^^ut/ce. 


y40C? 


(^O 


IRREGULARPAeiNATJQR 


PRACTICAL  BOOK-KEEPING  FOK  YOUTH. 


8 ^ 

The  Ledger  18  the  most  important  of  all  the  account  books,  containing  a  condensed  state- 
ment of  every  transaction,  arranged  under  their  proper  heads,  called  accounts,  and  m  winch 
Z  to  be  found  the  principles  oi  DoMe  Entry  Book-keeping.  Therefore  it  is  -t  "cces  a^y 
that  a  transaction  should  be  entered  in  the  Day-book,  and  from  thence  be  J"--!'-^'  ^  ';' 
it  should  be  expressed  and  entered  in  the  Day-book  in  what  is  called  y-^^?'^^  T " 
the  Day.book  and  Journal,  in  order  to  know  how  it  ought  or  is  to  be  posted  m  the  Ledge 
but  a  proper  understanding  of  the  Ledger  is  essential,  in  order  *«  J-™-^- f  ™;'°"' de 
analyze  it,  and  give  to  each  part  of  the  account  its  proper  title  under  which  it  is  to  be  made 

in  the  Ledger. 

ILLUSTRATION.  — No.    1. 

If  I  sell  James  Miirdock  a  barrel  of  Flour,  which  he  does  not  pay  for  at  the  time,  it  is.  not 
necessary  that  the  transaction  should  be  disposed  of  in  the  foUowing  manner,  m  order  to  know 
how  it  should  be  posted  in  the  Ledger,  viz. : 

Day-book — James  Miirdock^  -^^-   ^       •  •  • 

To  1  hhl.  Flour,  ® 
Somn^l— James  Murdock  Dr.  to  Merchandise. 

But  knowing  that  every  *5.-<  must  have  a  corresponding  o.ecii^  we  see  in  '^^^A^^^^^ 
without  its  being  journalized,  that  James  Murdock  is  to  be  made  dStor-  in  the  Ledger  for  ho 
Tmlt  of  his  indebtedness  to  me,  it  also  being  agreeable  with  Eule  2,  because  he  is  the 
"X;  and  we  also  see,  agreeable  to  Eule  2,  that  Merchandise  being  the  tl.ng  deUvered,  is 
to  be  crecfiii^^?  in  the  Ledger  for  the  same  amount  sold  or  disposed  of.  ,     ,         ,   ^  i 

BuTfn  this  work  I  have  adopted  the  system  of  combining  the  Day-book  and  Jounial, 
giving  the  particulars  of  the  transaction  and  Ledger  titles  in  the  same  entry  believing  it  to 
£  the  most  desirable  form,  and  one  which  the  beginner  will  most  easily  understand.  Beh.«  is 
form  of  Illustration  Ko.  1,  as  carried  out  in  this  work  : 

James  Murdoch  Dr.  to  Merchandise, 

For  1  hU.  Flour,  ® 

paid  out  and  ought  to  return  to  u»  in  some  way  its  value  or  cost ;  and  when  it  is  aispose       , 
Lldering  thatl  has  paid  its  debt.    Hence  we  ..y  property  is  i^U.  or  cni.U>r,  the  same  as  a  person. 


TO    THE    PUPIL. 

Fhom  the  statement  given  in  the  Transaction  and  Explanation  Book,  you  are  to  make  the 
entry  in/««,  by  carrying  it  in  the  mind,  or  writing  it  down  on  slate  or  paper;  then.turn  to  the 
Day-book,. and  sec  if  the  work  has  been  done  correctly;  if  so,  proceed  to  make  the  entry  in 
the  Day-book.  The  next  operation  is  to  make  the  entry  or  statement  of  the  oth^r  side  of  the 
transaction,  and  of  all  concerned  in  it,  in  the  same  manner  in  which  the/;-.<  was  made;  then 
turn  to  the  Bills  Receivable  and  Payable  Books  in  order  to  see  hrw  the  NoUs  and  Drafts  are 
disposed  of  there,  and  to  the  Cash-book  to  see  how  the  Cash  is  entered,  and  to  thc/om*  of 
Bills  Merchandise,  bought  or  sold,  and  also  to  the/om*  of  aU  Notes,  Drafts,  Cash  Receipts, 
and  Orders,  to  see  how  they  are  made  out,  and  follow  every  thing  connected  with  each  trans- 
action  throughout  in  this  manner. 


MANNER    OF    RECITATION. 

Tni.:  teacher  is  to  read  the  statement,  as  given  in  the  Transaction  and  Explanation  Book, 
from  which  the  scholar  is  to  make  the  entry,  which,  if  done  correctly,  the  teacher  will  ask 
v,hy  debit  and  why  credit,  and  is  to  proceed  to  ask  all  the  questions  as  they  there  appear,  and   j 
the  scholar  is  required  to  give  the  answers  in  full  as  they  are  in  this  work.  j 

Should  there  appear  a  Mte  or  Draft  given  or  received.  Bill  of  Merchandise  bought  or  sM,  ■ 
Cash  paid  out  or  received,  th^  scholar  is  to  give  X\..  forms  in  full  of  all  that  appear,  in  order  | 
io  fully  understand  what  has  been  done ;  after  wliich,  the  teacher  can  turn  to  the  examples 
for  practice,  and  procWd  to  ask  sucli  questions  as  appear  proper,  and  can  present  new  trans- 
actions, etc.,  which  would  prove  both  interesting  and  useful. 


■ 


10 


PRACTICAL  BOOK-KEEPING  FOR  YOUTH 


EXPLANATIONS  OF  FIGURES  IN  THE  MARGIN  OF  THE  DAY-BOOK  AND  LEDGKK. 

The  figures  in  the  margin,  at  the  left-hand  side  in  the  Day-book,  give  the  pages  in  the 
Ledger  to  whicli  the  accounts  liave  been  posted.  Tliose  in  the  left-hand  cohmin  give  the 
debtor  side,  and  those  in  the  right  the  credit,  as  they  appear  in  the  account. 

The  iiffures  in  the  Lcdirer,  in  the  columns  at  the  left  of  the  amounts,  debited  or  credited, 
refer  to  the  pages  in  the  Day-book. 


RULES. 

1.  Stock  is  credited  for  the  total  amount  of  property  invested,  and  debited  for  the  total 
amount  of  debts ;  and  each  account  showing  that  property  is  debited,  and  each  account  showing 
that  indebtedness  is  credited. 

2.  Debit  wdiatever  receives  the  beneiit,  be  it  2Ljperso7i  or  thiiuj ;  which  is  either  tlie  receiver, 

or  the  \\\\w^  received.     Credit  whatever  confers  the  benefit,  be  it  o. person  or  thing  ^  which  is 

either  the  deliverer,  or  the  thing  delivered. 

* 

3.  Profit  and  Loss  is  debited  for  all  losses,  and  credited  for  all  gains  ^  and  the  account 

sliowing  the  loss  is  credited,  and  that  showing  the  gain  is  debited. 


I 


1* 


\ 


BOOKS    USED    IN    THIS    METHOD 

Are  the  Day-Book  and  Journal  combined,  in  which  all  business  transactions  are  recorded  at 
the  time  of  their  occurrence  (always  having  scrupulous  regard  to  date  throughout  the  whole), 
and  always  specifying  each  article  with  its  quantity,  price,  and  amount,  and  from  thence 
posted  to  the  Ledger. 

Note.— Many  merchants  use  a  Blotter,  in  which  they  first  enter  all  their  charges  and  credits,  and  afterwards  copy  the 
same  into  the  Journal.  The  author  does  not  forbid  the  use  of  the  Blotter,  although  it  is  not  regarded  as  essential 
in  the  plan  of  this  work. 

Tlie  Cash-Book,  in  which  is  entered  all  cash  received  and  paid  out.  Bills  Receivable  and 
Bills  Payable,  each  used  as  memorandum  books,  showing  at  a  glance  the  number  and  amount 
of  IS'otes  due  from  you  to  others,  and  from  others  to  you,  and  when  they  become  due,  cfec. 

Tlie  Ledger  is  the  book  into  which  all  the  entries  from  the  Day-Book  are  disposed  of  in 
such  a  manner  as  to  exhibit  at  one  view  the  true  state  of  each  account. 


EXPLANATION  ON  OPENING  THE  BOOKS. 

First — An  inventory  of  all  the  property  you  have  on  hand  (which  you  wish  to  invest  in 
business),  of  every  description,  must  be  taken ;  the  things  you  have  on  hand,  together  with  the 
persons  who  are  owing  you,  must  be  made  Dr.  to  Stock  (which  is  the  representative  of  the 
person  whose  property  and  Drs.  they  are,  and  is  the  same,  in  effect,  as  though  it  had  been, 
made  Dr.  to  the  owner  under  his  proper  name),  that  is.  Merchandise,  Cash,  ISTotes,  &c.,  are  to 
be  made  Dr.  to  Stock  for  their  separate  amounts,  and  for  which  Stock  would  be  credited  for 
the  total  amount ;  and  Stock  must  be  debited  for  all  the  sums  which  are  due  from  you  to 
others ;  and  the  several  persons  to  whom  you  are  indebted  are  to  be  credited  for  the  separate 
amount  due  them. 


1 


{ 


TRANSACTION 


AND 


EXPLANATION     BOOK. 


■"TT"     ----         *-- 


Myr- 


r' 


4 


PKACTICAL  BOOK-KEEPWe  FOR  YOUTH. 

(DOUBLE    ENTRY.) 


(^^a/uac/eh/i  ©to-    /• 

«^^.W    (^c^.nue/  M^  f^  ^^^    c^M.iJ;    J^^ne,    (Mnc^/.    ozoeJ    ^   o^    ^ood-accoun/^  400 
c/o/i^ia,  ajiJ  ^ot?ie/ctiJ     /Mcl??i(zn,  S4(^  c/o/ituia. 


Q.  How  is  this  transaction  to  be  entered  in  the  Day-book? 

A.  See  DayAxioh,  p.  36. 

Q.  Why  debit  Cash,  Merchandise,  Bills  Ecceivable,  James 
Smith,  and  Cornelius  Whitman,  and  credit  Stock  ? 

A.  Because  each  of  tliose  accounts  represents  its  respective  amount 
0/ property  invested,  and  Stock  the  total  amount  of  the  investment. 

Q.  Why  debit  Stock,  and  credit  Thomas  Chase,  Charles 
Smith  &  Co.,  and  Bills  Payable? 

A.  Because  Stock  shows  the  total  amount  of  indebtedness,  and 
each  of  those  accounts  shows  its  respective  amount  of  liabilities.— 
(Apply  Rule  No.  1.) 

Q.  On  which  side  of  the  Cash-book  is  the  1400  dollars  to  be 

entered  ? 

A.  Debtor  side. 

Q.  Why? 

A.  Because  it  is  the  am/)unt  of  Cash  invested  in  business. 

Q.  What  is  the  form  of  the  400  dollar  note  given  by  Samuel 

Allen? 
A.  See  Bills  Beceivable  Book,  p.  75.— (Note  A,  p.  94.) 
Q.  What  is  the  form  of  the  300  dollar  note  given  by  Samuel 

Kicel 


A.  See  Bills  Beceivable  Bwk,  p.  75. 

Q.  Why  are-these  two  notes  receivable  bills  on  my  part?— 

(Note  B,  p.  94.) 

A.  Because  they  are  notes  due  from  others  to  me. 

Q.  What  is  the  form  of  the  630  dollar  note  given  to  Ilcnry 
Manning  ? 

A.  See  Bills  Payable  Book,  p.  78.— (Note  A,  p.  94.) 

Q.  Why  is  this  note  a  payable  bill  on  my  part? 

A.  Because  it  is  due  from  m«  to  another. 

Q.  What  is  the  net  amount  of  capital  invested  in  trade  ? 

A.  4000  dollars. 

Q.  Why?  • 

A.  Because  it  is  the  deference  between  Stock  credit  and  Stock  debit. 

Q.  What  is  meant  by  liabilities  ? 

A.  Belts,  accounts  that  we  owe,  wliether  notes  or  balances  against 
tis  in  account  with  others. 

Q.  What  is  meant  by  resources  ? 

A.  Property,  cash,  balances  due  from  others  in  account,  or  by 
note,  and  unsold  goods,  dtc. 

Q.  What  is  meant  by  an  account  ? 

A.  A  statement  of  the  debits  and  credits  of  a  transaction. 


: 


— -r 


H. 


t  I 


16 


PIIACTICAL    BOOK-KEElMTcrToR 


YOUTH, 


<?.  What  is  meant  by  the  tonn  stoek? 

tnt^eplnc.  .ftke  name  of  the  person  d,nn,  ijness  ' 

V-    "  liJJt  IS  meant  hv  balance  ? 

V.  V\  hat  18  njcant  by  a  creditor? 

A.  The  person,  to  whom  a  dtbt  is  dm. 

Q.  Wiiat  is  meant  by  a  debtor? 

A.  A  person  who  owes  another. 


Q.  What  is  meant  by  sundries? 

o,ru>e  person,  have  rececred  rash,  or  thai  t.ro  or  nu.re  things  have 
he^nrecervedrchuk  are  Dr.,  and  that  cask  has  been  deliLdZ 
pmd  out,  which  must  be  credited.  ^tterea  or 

Q.  What  is  understood  by  posted,  or  postin-r  t 


(^fanjac/i^n  2 ^nesafy  /. 


so  ^lair/^    ^^  ^^         ^    J  /  /       y^io, cr.c/(/ ,-    /  A(^ce  6  lorn  ft    Q^/iee^c?iri 


Q.  How  is  this  transaction  to  be  entered 

A.  See  Day-hftolc,  p.  Sfi. 

^.  Why  debit  Calvin  Ilagar,  and  credit  Mercliandise  » 

thtn  ^;^'''' ^^^'['^ l^'0<^>-  ^  ^^'^  receiver,  a.ul  Merchandise  is  the 
thing  dehrcred.-{lt  being  agreeable  with  Kule  2.) 

Q.  TV  hat  would  be  Calvin  Ilagar's  entry  ? 

A.  Merchaxdise  Dn.  to  Edward  Martix, 

Fob  AMoixT  goods  BoroiiT  of  him,  as  per 

BILL 

Q.  ^hy  debit  MerchandiVeVand'cr'edi't  Edward  Martin?  "'^ 
A.  Because  Merchandise  is  the  thing  received,  and  Edward  Mar- 
Un  ts  the  deliverer.— (ApiAy  Eule  2.) 


II^rT'""  '"  ""^  *■"""  °^  ""  "'  "-■•'•'""■'lix'  given  Calvin 

A.  See  Bill  A\  1,  p.  84. 

Q.  What  is  meant  by  debit  ? 

A.   To  enter  vpon  the  debtor  si^,  U  bein^  on  the  left-haml  side 
of  an  account  in  the  Ledger.  ^Ji-ftaml  side 

Q.  What  is  meant  by  credit  ? 

A.  To  enter  vpon  the  credit  sU^,  it  bein^  on  the  right-hand  side 
of  an  account  in  the  Ledger. 

Q.  What  is  meant  by  bill  of  merchandise » 

^tghto:1:  ^^'^'"^"''  ''''"'  ''-  "'-^^^  «-^  «— ^  of^oods 


<^tandac/(€in  J (^ 


aneeaiu  S . 


Q-  How  is  this  transaction  to  be  entered  ? 
A.  See  Day-book,  p.  87. 
Q.  Why  debit  Cash  and  credit  Merchandise  ? 
^.  Because  Cash  is  the  thing  received,  and  Merchandise  U  the 
tUng  deUvered.~{K^^\y  Eule  2.) 

Q.  What  would  be  William  Allen's  entry? 
A.  Merchandise  Dr.  to  Cash 

Fob  amouxt  paid  Edward  Martix  for  goods 
bought  of  him,  as  per  bill  of  3rd |;,4.co 


Q.  Why  debit  Merchandise  and  credit  Cash* 
A.  Bemuse  Mercluindise  is  the  thing  received,  and  Gash  is  t/ie 
tUng  delivered  by  him  in  payment  for  the  .a«^.l(Rule  2  ) 

better"  dT'^  ""'  ''  '"'  ^'"'■'"^'  ""'  "^'  '^  ^^^^  «^^-«^  to 
-<4.  Debtor  side. 
Q.  AVhy? 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


17 


A.  Because  it  is  a  sum  received. 

Q.  Is  there  a  cash  receipt  to  be  given  William  Allen  for  the 
%H.W  received? 
A.   There  is  not. 
Q.  Why? 


A.  Because  he  has  the  bill  of  merchandise  receipted,  which  an- 
swers for  the  sam^. 

Q.  What  is  meant  by  cash  receipt  ? 

A.  A  writing,  acknowledging  having  received  something. 


Q.  IIow  is  this  transaction  to  be  entered  ? 
A.  See  Day-book,  p.  87. 

Q.  Why  debit  Merchandise  and  credit  Edwin  Lincoln  ? 
A.  Because  Merchandise  is  the  thing  received,  and  Eiwin  Lin- 
coln is  the  deliverer.— {XvV^y  Rule  2.) 

Q.  What  would  be  Edwin  Lincoln's  entry? 
A.  Edward  Martin  Dr.  to  Merchandise, 


For  goods  sold  him  ox  accocnt,  $447.59. — (Note  Z/, 
see  p.  94.) 
Q.  Why  debit  Edward  Martin  and  credit  Merchandise  ? 
A.  Because  Edward  Martin  is  the  receiver  and  Merchandise  it 
tJie  thin-g  delivered.— (A-p-ply  Eule  2.) 

Q.  What  is  the  form  of  bill  merchandise  in  this  transaction  ? 
A.  See  Bill  3,  p.  85. 


Q.  How  is  this  transaction  to  be  entered  ? 

A.  See  Day-book,  p.  87. 

Q.  Why  debit  Merchandise  and  credit  Cash? 

A.  Because  Merchandise  is  the  thing  received,  and  Cash  is  the 
iking  delivered. — (Apply  Rule  2.) 

Q.  What  would  be  Daniel  Ellis's  entry? 

A.  Cash  Dr.  to  Merchandise, 

For  amount  received  of  Edward   Martin,  for 
goods  sold ^'  * 

Q.  Why  debit  Cash,  and  credit  Merchandise  ? 

A.  Bemuse  Canh  is  tite  thing  received,  and  Merchandise  is  the 
thing  ddivered.—{X\}\Ay  Eule  2.) 


Q.  What  is  the  form  of  bill  merchandise  in  this  transaction  ?     | 

A.  See  Bill  4,  p.  85.  ' 

Q.  Is  Daniel  Ellis  to  give  a  cash  receipt  for  the  $74  ? 

A.  He  is  not. 

Q.  Why? 

A.  Because  he  has  receipted  the  bill  of  merchandise  bought. —  ' 

(Note  E,  see  p.  94.) 

Q.  On  which  side  of  the  Cash-book  by  me  is  the  $74  to  be 

entered  ? 

A.   Credit  side. 

Q.  Why? 

A.  Because  it  is  a  sum pai<l  out. 


^v  ^'(^(?0,/ot  u^/iwd  of  i^ane  ^ci^e^i  ^/ie?7i  9?ty  Q4^ole  a/:  £4  c/^f  /i^^i  c/<zfe, /ot  //^  ^U77i^  amou^U. 


Q.  IIow  is  this  transaction  to  be  entered  ? 

A.  See  Day-hwk,  p.  37. 

Q.  Why  debit  Merchandise  and  credit  Bills  Payable? 


A.  Because  Merchandise  is  the  thing  received,  and  BilU  Pay- 
able {viz.,  my  own  note)  is  the  tiling  delivered  in  payment  for  Hu 
goods. — (Apply  Rule  2,  Note  F,  see  p.  94.) 


3 


18 


PRACTICAL    BOOK-KEEPING    FOR    YOUTU. 


Q.  Wliat  would  be  James  Wurrcu  &  Co.'s  entry? 
A.  Bills  Receivable  Dr.  to  Merchandise, 

FoK  Kdward  Martin's  Note,  at  twentv-foub 

DAYS    FROM    DATE,  IN  PAYMENT  FOR  GOODS  SOLD 

HIM $(500 

Q.  "Why  debit  Bills  Kecciviibie  and  credit  Merclmndise  'i 
A.  Becau)<e  Bills  Receivable  {viz.,  Edwitrd  Martiii'a  note)  w 
the  thing  received,  and  Merchandise  is  the  thing  delivered. — (Ap- 
ply Enle  2,  Note  G,  see  p.  95.) 


Q.  What  is  the  fonu  of  bill  of  merchandise  in  this  transac- 
tion ? 

A.  See  p.  86,  Bill  5. 

Q.  What  is  the  form  of  note  given  in  this  transaction? 

A.  See  Note  2,  p.  79. 

Q.  Why  is  this  a  payable  note  on  my  part? 

A.  Because  it  is  a  note  due  from  me  to  another  (fWf.,  Jame* 
Warren  db  Oo.) 


(S/iandac/wn  y ^znaatu  S . 

^/(y.{?4,  /o^  tt^/lccA  Q/^  /tuv^e  lececi^ecC  c/t  yiati^/te?tt  utJ  tio^  o^v  (/e??tu}i,c/  uacI^/^ou^  cn^i^^. 


Q.  How  is  this  transaction  to  be  entered  ? 
A.  See  Day-Booh,  p.  38. 

Q.  Why  debit  Bills  Receivable  and  credit  Merchandise  ? 
A.  Because  Bills  Receivable  {viz.,  Henri/  DoolittWs  note)  is  the 
thing  received,  and  Merchandise  is  the  thing  delivered. — (Apply 
Rule  2.) 

Q.  What  would  be  Henry  Doolittle's  entry  ? 
A.  Merchandise  Dr.  to  Bills  Payable, 

For  my  note  to  Edward  Martin  on  demand, 
IN  payment  fob  goods,  as  per  bill  of 
5th $18.04 


Q.  Why  debit  Merchandise  and  credit  Bifis  Payable? 

A.  Because  Merchandise  is  the  thing  received,  and  Bills  Pay- 
able {viz.,  my  note  to  E.  M.)  u  the  thing  delivered.— {K^^Xy 
Rule  2.) 

Q.  What  is  the  form  of  bill  merchandise  in  this  transaction  ? 

A.  See  Bill  6,  p.  86. 

Q.  What  is  the  form  of  note  in  this  transaction? 

A.  See  Note  3,  p.  75. 

Q.  Why  is  it  a  receivable  bill  or  note  on  my  part  ? 

A.  Because  it  is  due  to  m^  from  another  {viz.,  Henry  Doo- 
little). 


..^oaau^  o/   ^Snui^    (^/ca?i7t    (Steele nufic/oa^,  aJ    ^lei,   /^t'/if  o/  ^^n  c?tAlan^,  amoufi^c'na,    ^ 


Q.  How  is  this  transaction  to  be  entered  ? 

A.  See  Daybook,  p.  38. 

Q.  Why  debit  Merchandise,  and  credit  Bills  Payable  and 
Cash  ? 

A.  Because  Merchandise  is  the  thing  received,  and  Bills  Pay- 
able {viz.,  my  own  note)  and  Cash  are  the  things  delivered  Charles 
Mann,  in  payment  for  goods  bought  of  him. — (Apply  Rule  2.) 

Q.  What  would  be  Charles  Mann's  cntrj'? 

A.  Sundries  Dr.  to  Merchandise, 

Bills  Receivable  fob  Edward  Martin's 


Note,  at  four  months,  from  date,  in  part 

payment  for  goods  sold  him ,. .   $200.00 

Cash,  for  amount  received  in  full 100.00 

$300.00 
Q.  Why  debit  Bills  Receivable,  and  Cash,  and  credit  Mer- 
chandise ? 

A.  Because  Bills  Receivable  {viz.,  Edward  Martin'' s  not^)  and 
Cash  are  the  things  received  {by  Charles  Mann,  in  payment  for 
goods  soll)^  and  Merchandise  is  the  thing  which  he  delivered.-— 
(Apply  Rule  2.)  •     ' 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


19 


Q.  Wliat  is  the  form  of  bill  merchandise  in  this  transaction? 
A.  See  Bill  7,  p.  86. 

Q.  What  is  the  form  of  note  in  this  transaction  ? 
A.  See  Note  3,  p.  79. 

Q.  Wliy  is  this  a  payable  note  on  my  part  ? 
A.  Because  it  is  due  from  me  to  another  {viz.,  Charles  Mann). 
Q.  On  which  side  of  the  Cash-book  by  me  is  this  $100  to  be 
entered  ? 


A.  Credit  side. 

Q.  Why  ? 

A.  Because  it  is  a  sum  paid  out. 

Q.  Is  there  a  cash  receipt  to  be  given  by  Charles  Mann  for 
the  $100  paid  him  ? 

A.  There  is  not. 

Q.  Why? 

A.  Because  the  bill  of  Merchandise  bought  is  receipted. 


Q.  How  is  this  transaction  to  be  entered  ? 
A.  See  Day-book,  p.  38. 

Q.  Why  debit  Merchandise,  and  credit  Bills  Payable  and 
Daniel  King  &  Co.  ?— (Note  K,  p.  95.) 

A.  Because  I  have  received  merchandise  awl  Bills  Payable  {viz., 
my  own  note),  and  Daniel  King  dt  Co.'s  payment  of  my  draft, 
are  the  things  tvhi<;h  I  have  delivered  James  CUirh,  in  payment  for 
goods  bought  of  /rm— (Apply  Rule  2.)  Or,  because  Daniel  King 
tjb  Co.  confers  the  benefit. 

Q.  What  would  be  James  Clark's  entry,  if  made  before  pre- 
senting the  draft? 
A.  Bills  Receivable  Dr.  to  Merchandise  (Note  W,  p.  95), 
Fob    Edward    Martin's   Note,   at    G 
months  from  date,  in  part  payment 

for  goods  sold  him $200.00 

His  draft  on  Daniel  King  &  Co.  at 

sight,     payable     to     my     ORDEIt     FOB 

THE  balance 200.00 

$400.00 

Q.  Why  debit  Bills  Receivable  and  credit  Merchandise  I 

A.  Because  Bills  Receivable  {viz.,  Edward  Martin's  note  and 

his  draft  on  Daniel  King  db  Co.,  payable  to  my  order),  are  the 

things  received,  and  Merchandise  is  tJie  thing  delivered. — (Apply 

Rule  2.) 

Q.  What  would  be  Daniel  King  &  Co.'s  entry,  when  James 
Clark  presented  my  draft  to  them  for  payment  ? 
A.  Edward  Martin  Dr.  to  Cash, 

For    AMOUNT    paid    his    draft    TO    James 

Clark .^ $200.00 

Q.  Why  debit  Edward  Martin  and  credit  Cash  ? 
A.  Because  Edward  Martin  receives  the  benefit,  and  Cash  is  the 
thing  delivered.— {AT[>])\y  Rule  2.) 

Q.  What  would  be  James  Clark's  entry  on  receiving  the 
cash? 


A.  Cash  Dr.  to  Bills  Receivable $200.00 

For  amount  received  of  Daniel  Kino 
•     &  co.,  on    their    payment  of  e. 

Martin's  draft $200.00 

Q.  Why  debit  Cash  and  credit  Bills  Receivable  i 

A.  Because  Cash  is  the  thing  received,  and  Bills  Receivable 
{viz.,  the  above  draft)  is  the  thing  delivered. — (Apply  Rule  2.) 

Q.  What  is  the  form  of  bill  merchandise  in  this  transaction  ? 

A.  See  Bill  8,  p.  87. 

Q.  What  is  the  form  of  note  given  in  this  transaction  ? 

A.  See  Note  4,  p.  79. 

Q.  Why  is  this  a  payable  note  on  my  part  ? 

A.  Because  it  is  due  from  me  to  anot/ier  {viz.,  James  Clarl). 

Q.  What  is  the  form  of  draft  given  ? 

A.  See  Draft  1,  p.  81. 

Q.  W^hat  is  a  draft  ? 

A.  A  draft  is  an  order  from,  one  person  to  another  directing  the 
payment  of  money. 

Q.  Who  is  the  drawer  of  this  draft  ? 

A.  Edward  Martri. 

Q.  Why? 

A.  Because  he  is  the  maker,  and  has  given  his  order  or  draft  to 
another. 

Q.  Who  are  the  drawees  ? 

A.  Daniel  King  dt  Co. 

Q.  Why? 

A.  Because  they  are  the  persons  on  "whom  the  bill  is  drawn. 

Q.  Who  is  the  payee  ? 

A.  James  Clark. 

Q.  Why? 

A.  Because  he  is  the  person  in  whose  favor  the  draft  is  given. 

Q.  To  whom  must  this  draft  be  presented  for  i>ayment  ? 

A.  To  the  draivees  {viz.,  Daniel  King  db  Co.) 

Q.  What  is  understood  by  an  acceptance  ? 


■ 


20 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


■  A.  A  protnlse  to  pay  a  draft  on,  order  when  it  becomes  due, 
which  is  (jenerally  done  by  writing  the  word  accepted,  and  also  the 
signature  of  the  acceptor  across  the  face  of  the  same  {generally 
written  with  red  ink). 

Q.  What  imist  James  Clark  do  in  order  to  get  the  money  on 
this  draft  ? 


A.   Write  his  name  across  the  hack  of  it. 

Q.  lie  is  said  then  to  liave  douc  what? 

A.  Indorsed  it. 

Q.  And  is  called  what? 

A.  The  indorser. 


(2/ou/    //cU('a7/t     c/tc'na^^o/i,  oji,   /W    nol^    at  >^0  e/a»J,  /iofn    c/ute,  4^  vuli^^   C^mtti,,  at  O 


Q.  IIow  is  this  transaction  to  bo  entered  ? 
A.  See  Day-book,  p.  39. 

Q.  Why  debit  Bills  Receivable  and  credit  Merchandise? 
•  A.  Itecause  Bills  Eectivable  {viz.,   William.  Kingston  s  note)  is 
the  thing  received  in  payment  for  goods  sold  him,  and  Merchandise 
is  the  thing  delivered. — (Apply  liulc  2.) 

Q.  What  would  be  William  Kingston's  entry  i  . 

A.  Merchandise  Dr.  to  Bills  Payable, 

For  mv  note  to  Edward  Martin,  at  20  days 
from  date,  in  payment  for  goods  bocoht 

of  him,  as  per  dill  of  IItii $290.00 

Q.  Why  debit  Merchandise  and  credit  Bills  Payable? 

A.  Because  Merchandise  is  the  thing  received,  and  Bills  Pay- 


able {viz.,  William  Kingston's  note)  is  the  thing  delivered. — (Ap- 
ply Kule  2.) 

Q.  What  is  the  form  of  bill  merchandise  given  in  this  trans- 
action ? 

A.  See  Bill  9,  p.  87. 

Q.  Is  the  note  in  this  transaction  a  receivable  or  payable  hill 
to  me  ? 

A.  Receivable. 

Q.  Why? 

A.  Because  it  is  due  to  m^e  from  another  {viz.,  William  Kings- 
ton). 

Q.  What  is  the  form  of  this  note  ? 

A.  See  Hole  4,  p.  76. 


J^ouadt  o/  Saiuui  <££c?icotn,    Qi^Ceicnafiae^  aJ    fiei>   6(it  o/  t/icJ  </ate,  a7fiotni.tc?ia,  to  f^t?  \ 
c/o/%xU,  /oi.  loucc/i   QJ^  n^tfe    Aaca    nc'?Ji     ^^a^/l  ^t?  ao/tatJ,   ^ny    G^^t^  at  <^t?  aayJ  /lo?/t   e/atc  /ol 
^6^  c/o/taiJ,   a?ic/  t/ie  t^a/a/ice^,   ^O  c/otiaiJ,   to  i,ufi  t/iice  //io//t/tJ  t^Mt/toat  c?ttd^i£dt. 


Q.  IIow  is  this  transaction  to  bo  entered  ? 

A.  See  Day-hook,  p.  39  ;  also,  see  p.  96. 

.  Q.  Why  debit  Merchandise  and  credit  Edwin  Lincoln  ? 

A.  Because  Merchandise  is  the  thing  received,  and  Edwin  Lin- 
coln is  the  deliverer. — (Apply  Rule  2.) 

Q.  What  would    be  Edwin    Lincoln's   entry    of  the    first 
part  ? 

A.  Edward  Martin  Dr.  to  Merchandise, 

For  goods  sold  him ^150.00 

Q.  Why  debit  Edward  Martin  and  credit  Merchandise  ? 

A.  Because  Edward  Martin  is  the  receiver,  and  Merchandise  is 
the  thing  delivered. — (Apply  Rule  2.) 


Tkaxsaction  II. — Second  Part. 
Q.  Why  debit  Edwin  Lincoln,  and  credit  Cash  and  Bills 
Payable. 

A.  Because  Edwin  Lincoln  is  the  receiver,  and  Cash  and  Bills 
Payable  {viz.,  my  own  note)  are  the  things  delivered. — (Apply 
Rule  2.) 

Q.  What  would  be  Edwin  Lincoln's  entry  ? 

A.  Sundries  Dr.  to  Edward  Martin $100.00 

Cash,  for  amount  on  account $.')0.00 

Bills  Receivable,  for  his  note  at  30 
days  from  date,  doth  in  part  pay- 
ment for  goods  sold  him .     50.00 


l-"Zi 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


21 


Q.  Why  debit  Cash  and  Bills  Receivable,  and  credit  Edward 
Martin  ? 

A.  Because  Cash  and  Bills  Receivable  {viz.,  Edward  Martin's 
note)  are  the  things  received,  and  Edward  Martin  is  the  deliverer. 
—(Apply  Rule  2.) 

Q.  What  is  the  form  of  bill  merchandise  in  this  transaction? 

A.  See  Bill  10,  p.  87. 

Q.  On  which  side  of  the  Cash-book  by  me  is  tlxis  cash  to  be 
entered  ? 

A.   Credit  side. 

Q.  Why? 

A.  Because  it  is  amount  pcUd  out. 


Q.  Is  there  a  cash  receipt  to  be  received  in  this  transaction  ? 
A.  There  is. 
Q.  Why? 
*.4.  Because  the  bill  of  merchandise  is  not  receipted  {and  it  it 
right  to  receive  something  as  a  voucher  for  the  amount  paid). 
Q.  Why  is  this  note  a  payable  bill  on  my  account  ? 
A.  Because  it  is  due  from  m,e  to  another  {viz.^  Edwin  Lincoln). 
Q.  What  is  the  form  of  this  note  ? 
A.  See  Note  5,  p.  79. 

Q.  What  is  the  form  of  the  cash  receipt  ? 
A.  See  Receipt  1,  p.  82. 


&mndac/ian  /  2 ^^^natity^  / 2. 

ft?  ytf^ece^  tu^c^ct  (^^?i?iet,  ut?0  yaiaJ,  at  <S4  ce?it:>  fiei.  y^l^.-.^.^O^  ;  totat,  ^St^y.^O  ;  j^l 
tuM^n.  (3/  tuZ'Ve  l^cecvea  t'/t  fuiy??ie?tt  ti'Ca  G4^te,  at  tux?  '^to?itn^  ^^m,  aate,  ^l  ^{?(?  aotuiia, 
a?ta    ^a<^n^,   ^f<^'/.'/<^,  ^ot  tue  ^auz^ice. 


Q.  How  is  this  transaction  to  be  entered  ? 
A.  See  Day-hook,  p.  89. 

Q.  Why  debit  Bills  Receivable  and  Cash,  and  credit  Mer- 
chandise ? 

A.  Because  Bills  Receivable  {viz.,  Thomas  Whitney'' s  note)  and 
Cash  are  the  things  which  I  have  received,  and  Merchandise  is  the 
thing  whi^h  I  delivered. — (Apply  Rule  2.) 

Q.  What  would  be  Thomas  Whitney's  entry  ? 

A.  Merchandise  Dr.  to  Sundries $337.75 

Bills  Payable,  for  my  note  to  Ed- 
ward Martin,   at  2  months    from 

DATE $200.00 

Cash,  both   in   payment   for  goods 

BOUGHT  of  him,  AS  PER  BILL  OF  13tH.       137.75 

Q.  Why  debit  Merchandise,  and  credit  Bills  Payable  and 
Cash? 

A.  Because  Merchandise  is  the  thing  received,  and  Bills  Pay- 
able (viz.,  Thomas  Whitney'' s  note)  and  Cash  are  the  things  deliv- 
ered.— (Apply  Rule  2.) 


Q.  What  is  the  form  of  bill  merchandise  in  this  transactiop  ? 

A.  See  Bill  11,  p.  88. 

Q.  Is  the  note  in  tliis  transaction  receivable  or  payable  on 
my  part  ? 

A.  Receivable. 

Q.  Why? 

A.  Because  it  is  due  to  m^efrom  another  {viz.,  Thomas  Whitney). 

Q.  What  is  the  form  of  this  note  ? 

A.  See  Note  5,  p.  76. 

Q.  On  which  side  of  the  Cash-book  by  me  is  this  $137.75  to 
be  entered  ? 

A.  Debtor  side. 

Q.  Why? 

A.  Because  it  is  a  sum,  received. 

Q.  Is  there  a  cash  receipt  to  be  given  Thomas  Wh'  tney  for 
this  amount  ? 

A.  There  is  not. 

Q.  Why  ? 

A.  Because  he  has  the  hiU  of  merchandise  receipted. 


(Stmn^action   Y S ^^nua^  YS . 

m^udzu/  o/uomaa    ^^uatt^,    ^^aa^n^   on.  wfon-accoujit,  a9nou7zt  ^ft?t?. 


Q.  How  is  this  transaction  to  be  entered  ? 

A.  See  Day-book,  p.  40. 

Q.  Why  debit  Thomas  Chase  and  credit  Cash! 


A.  Because  ITiomas  Chase  is  the  receiver,  and  Cash  is  the  thing 
delivered. — (Apply  Rule  2.) 

Q.r  What  would  be  Thomas  Chase's  entry  ? 


OQ 


PRACTICAL  BOOK-KEEPING  FOR  YOUTH. 


A.  Cash  Dr.  to  Edward  Martix $100.00 

For  amount  received  ox  account.  . . .  $100.00 
Q.  Why  debit  Cash  and  credit  Edward  Martin  ? 
A.  Because  Cash  is  the  thing  received,  and  Edward  Martin  w 
the  deliverer. — (Apply  Rule  2.) 

Q,  Which  side  of  the  Cash-book  is  this  |100  to  be  entered  ? 


A.  Oredit  side,  because  it  is  a  sum  paid  out. 
Q.  Is  tlicre  a  cash  receipt  to  bo  given  in  this  transaction  by 
Thomas  Chaae  ? 
A.  There  is,  because  it  is  a  sum  paid  out  on  account  simply. 
Q.  Wliat  is  the  fonn  of  this  cash  receipt  I 
A.  See  Eeceipt  2,  p.  82. 


uric^  ca^^,   ^/^  cu>tuiU,  fol   ^uc   ^uznce. 


Q.  How  is  this  transaction  to  be  entered  ? 

A.  See  Day-book,  p.  40. 

Q.  Why  debit  Bills  Receivable  and  Cash,  and  credit  Mer- 
chandise ? 

A.  Because  Bills  Eeceivable  (vi-z.,  Edicard  Banks'  draft  on 
John  Cook  for  $200,  and  his  own  note  for  $200)  and  Cash,  are  the 
things  which  I  have  received  in  payment  for  goods  sold  him,  and 
Merchandise  is  the  thing  which  I  delivered. — (Apply  Rule  2.) 

Q.  What  would  be  Edward  Banks'  entry  ? 

A.  Merchandise  Dr.  to  Sundries $616.00 

John  Cook,  eor  his  acceptance  of  my  draft 

AT   10  DAYS,  IN    favor   OF   EdWARD   MaRTIN, 

FOR $200.00 

Bills  Payable,  for  my  own  note  at  3  months 

from  date 200.00 

Cash,  for  amount  in  full  for  goods  bought, 

AS  PER  bill  op  15th 216.00 

Q.  Why  debit  Merchandise,  and  credit  John  Cook,  Bills  Pay- 
able,  and  Cash  ? 

A.  Because  Merchandise  is  the  thing  received,  and  John  Cook 
(viz.,  his  acceptance  of  my  draft).  Bills  Payable  {viz.,  my  own 
note),  and  Cash  are  the  things  Edward  Banks  delivered  in  pay- 
ment f<yr  goods  purchased. — (Apply  Rule  2.) 

Q.  What  would  be  John  Cook's  entry,  when  the  draft  was 
presented  for  his  acceptance  ? 
A.  Edward  Banks  Dr.  to  Bills  Payable.  . .  $200.00 
For  my  acceptance  of  his  draft  at  10  days' 

sight,  favor  of  Edward  Martin.  . . .". $200.00 


Q.  Why  debit  Edward  Banks  and  credit  Bills  Payable  ? 

A.  Because  Edward  Banks  receives  the  benefit  of  the  draft  passed 
over  to  Edward  Martin  {and  my  acceptance  of  the  draft  to  me  be- 
comes a  Bill  Payable),  which  is  the  thing  delivered.— -{Apply  Rule 
2.) 

■  Q.  What  is  the  form  of  bill  merchandise  in  this  transaction  ? 

A.  See  Bill  12,  p.  88. 

Q.  Is  this  draft  a  receivable  or  payable  bill  on  my  part? 

A.  Heceivable. 

Q.  Why? 

A.  Because  it  is  given  in  my  favor ^  and  is  due  to.  ms  from 
another. 

Q.  What  is  the  form  of  this  draft  ? 

A.  See  Draft  6,  p.  76. 

Q.  What  must  I  do  in  order  to  get  the  money  on  this  draft? 

A.    Write  my  name  on  the  back,  wh  ich  is  called  indorsing  it  over. 

Q.  Is  the  note  in  this  transaction  receivable  or  payable  on  my 
part? 

A.  Eeceivable. 

Q.  Why? 

A.  Because  it  is  due  to  me  from  another  {viz.,  Edward  Banks). 

Q.  What  is  the  form  of  note  in  this  transaction  ? 

A.  See  Note  7,  p.  76. 

Q.  On  which  side  of  the  Cash-book  by  mo  is  this  $216  to  bo 
entered? 

A.  Debtor  side,  because  it  is  a  sum  received. 

Q.  Is  there  a  cash  receipt  to  be  given  for  the  $216  ? 

A.  There  is  not,  because  tlie  bill  merchandise  is  receipted. 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


23 


cn^i^e  ^dclcon,    f^  <^y^.  //.^<^.        dTo^/unu^un^  ca^/. /u^,   0^f.^§. 


Q.  How  is  this  transaction  to  bo  entered? 

A.  See  Day-book,  p.  ^^, 

Q.    Why    debit   Bills    Payable    and  Interest,    and   credit 

Cash? 

A    Because  I  have  received  Bills  Paj/abU  {viz.,  my  own  nx)te 
given  up),  and  Interest  receives  the  benefit,  and  Cash  is  tU  thing 
delivered.— {S.pp\y  Rule  2,  Note  H,  see  p.  95.) 
q.  What  would  be  Henry  Manning's  entry? 

A.  Cash  Dr.  to  Scndries $631.58 

Bills  Receivable,  fob  amount  received  of 
Edward.  Martin,  in    payment   for  Note 

$630.00 

GIVEN    UP * 

Interest,  fob  amount  received  fob  15  days' 
interest  on  same ^'^° 


q.  Why  debit  Cash,  and  credit  Bills  Receivable  and  Inter- 
est? 

A.  Because  Cash  is  the  thing  received,  and  BiUs  Eeceivable  {viz., 
Edward  Martin's  note)  and  Interest  the  things  delivered.— {Ap- 
ply  Rule  2.)     Or  because  interest  confers  the  benefit. 

q.  On  which  side  of  the  Cash-book  by  me  is  this  $631.58  to 
be  entered  ? 

A.  Credit  side,  it  being  a  sum  paid  out. 

q.  Why  is  the  note  in  this  transaction  payable  on  my  part? 

A.  Because  it  is  due  from  me  to  anoiUr  {viz.,  Henry  Man- 

ni/ng).  , 

q.  Is  there  a  cash  receipt  to  be  given  in  this  transaction  « 
A,  There  is  not,  because  I  have  the  old  note  which  answers  f<*r 

the  receipt. — (Note  /,  see  p.  95.) 


q.  How  is  this  transaction  to  be  entered  ? 
A.  See  Day-book,  p.  40. 

q.  Why  debit  Cash,  and  credit  Bills  Receivable  ? 
A    Because  Cash  is  the  thing  received,  and  BiUs  Eeceivable 
{viz.,  John  Goi>k's  accepianceof  Edward  Banks'  draft)isthe  thing 
delivered.— {Apply  Rule  2.) 

q.  What  would  be  John  Cook's  entry? 

A.  Bills  Payable  Dr.  to  Cash $200.00 

For  paid  my  acceptance  of  Edward 
Banks'  draft,  favok  of  Edward 
Martin ^200.00 


q.  Why  debit  Bills  Payable  and  credit  Cash? 

A.  Because  Bills  Payable  {viz.,  my  acceptance  of  Edward 
Banks'  draft,  is  the  thing  received,  and  Cash  is  the  thing  delivered 
in  payment  for  the  same.— {Apply  Rule  2.) 

q.  On  which  side  of  the  Cash-book  by  me  is  this  200  dollars 

to  be  entered  ? 
A.  Debtor  side,  because  it  is  a  sum  received, 
q.  Is  there  a  Cash  receipt  to  be  given  John  Cook  for  the  200 

dollars  ? 

A.  There  is  not,  because  he  has  rsceived  his  own  acceptance  of 
Edward  Banks'  draft,  which  answers  for  the  same. 


y^...^40  c/o/^,-    f  ca^/a^^y,   ^---^^    fS/u-e^,  S40  yalc/.,  a^  ^O  cen^ /^^  yuu/...f70 


24 


PRACTICi^L    BOOK-KEEriNG    FOU    YOUTH. 


c/i^/aiJ.        <£/o/a/,   ^/{?  c/o/^i^.        ef^^i^v^  i^c^c've<^  o/  /e'?n,    ^a^/[  ^^^  (/oZ/^i^,  ^eJ    04i,^e  on  e/e- 


Q.  How  is  this  transaction  to  be  entered  ? 
A.  S^e  Day-hook,  p.  41.     Also  gee  p.  96. 
Q.  Why  debit  Calvin  Ilagar  and  credit  Merchandise? 
A.  Became  he  is  the  receiver^  and  MercJiandise  the  thing  de- 
livered.— (Apply  Rule  2.) 

Q.  What  would  be  Calvin  ITagar's  entrj-  ? 

A.  Merchaxdise  Dr.  to  Edward  Martix $810.00 

For  amount  goods  bought  of  him,  as 

PER  BILL  OF  18th $810.00 

Q.  Why  debit  Merchandise  and  credit  Edward  Martin  ? 
A.  Because  Merchandise  is  the  thing  received^  and  Edward 
Martin  is  the  deliverer. — (Apply  Rule  2.) 


Transaction  17. — Second  Part. 

Q.  Wliy  debit  Cash  and  Bills  Receivable,  and  credit  Calvin 
Ilagar? 

A.  Because  Cash  and  BilU  Receivable  {viz.,  Chlvin  Hagar'^s 
note)  are  the  things  received,  and  Calvin  Ilagar  is  the  deliverer. — 
(Apply  Rule  2.) 

^.  What  would  be  Calvin  Ilagar's  entry  ? 

A.  Edward  Martin  Dr.  to  Sundries $700.00 

Cash,  for  amount  paid  on  account $500.00 


Bills  Payable,  for  mt  Note  on  demand,  for.     200.00 
Both  in  part  payment  for  goods  bought  of 
him,  per  bill  of  18th. 
Q.  Why  debit  Edward  Martin,  and  credit  Casli  and  Bills 
Tayable  ? 

A.  Because  he  is  the  receiver,  and  Cash  and  Bills  Payable  {viz., 
C.  Ilagar'' 8  note)  are  the  things  delivered.— {k\>\t\y  Rule  2.) 

Q.  What  is  the  form  of  bill  merchandise  in  this  transaction  ? 

A.  See  Bill  13,  p.  88. 

Q.  On  which  side  of  the  Cash-book  by  me  is  this  $500  to  be 
entered  ? 

A.  Debtor  side,  because  it  is  a  sum  received. 

Q.  Is  there  a  Cash  receipt  to  be  given  in  this  transaction  ? 

A.  There  is,  because  the  bill  of  merchandise  is  not  receipted. 

Q.  Is  this  a  receivable  or  payable  note  on  my  part  ? 

A.  Receivable. 

Q.  Why  is  it  a  receivable  note  ? 

A.  Because  it  is  due  to  me/rom  another  {viz.,  Calvin  Ilagar). 

Q.  What  is  the  fonn  of  this  note? 

A.  See  Note  8,  p.  77. 

Q.  What  is  the  form  of  this  Cash  receipt  ? 

A.  See  Receipt  3,  p.  82. 


(^^njac/€an  /§ J^nuaiu  22, 


Q.  How  is  this  transaction  to  be  entered  ? 
A.  See  Day- Boole,  p.  41. 

Q.  Why  debit  Bills  Receivable  and  credit  James  Smith  ? 
A.  Because  it  is  the  thing  received,  and  James  Smith  is  the  de- 
liverer.— (Apply  Rule  2.) 

Q.  What  would  be  James  Smith's  entry? 
A.  Edward  Martin  Dr.  to  Bills  Payable, 

For  my  Note,  at  2  months  from  date,  to  bal- 
ance his  account $400.00 


Q.  Why  debit  Edward  Martin  and  credit  Bills  Payable? 

A.  Because  he  is  the  receiver,  and  Bills  Payable  {viz.,  Janus 
Smith's  note)  is  the  thing  delivered. — (Apply  Rule  2.) 

Q.  Is  this  on  my  part  a  receivable  or  payable  note  ? 

A.  Receivable,  because  it  is  due  to  me/rom  another  {viz.,  James 
Smith). 

Q.  What  is  the  form  of  this  note  ? 

A.  See  Note  9,  p.  77. 


^ 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


25 


Q.  How  is  this  transaction  to  be  entered? 

A    See  Day-book,  p.  41.  ^    ,         i    t 

Q.  Why  debit  Bills  Receivable,  and  credit  Cash  and  In- 

'""'T Because  Bills  Receivable  {viz.,  WiUiam  ClarFs  note)  is  the 
thing  received,  and  Ca.h  and  Interest  are  the  things  deUvered. 
Or  because  Interest  confers  the  be.nefit.-{^VV^y  Kule  2.) 
Q.  What  wouW  be  William  Clark's  entry  ? 

A.  Sundries  Dr.  to  Bills  Payable *^"-^"' 

Cash,  for  amount  received  of  Edward 
Martin,  for  which  I  have  given  my 
Note  at  30  days  from  date $50.00 


Interest,  for  30  days'  Interest  added  to 

25 
the  same 

Q   Why  debit  Cash  and  Interest,  and  credit  Bills  Payable? 

A  Because  Gash  and  Interest  are  the  things  received,  and  BMs 
Payable  {viz.,  WiUiam  ClarkU  note)  i*  the  ihin^  delivered.  Or 
l^cause  Interest  recAves  the  beneJU.—(Ai>])\y  "RyxlQ  ^■) 

Q.  On  which  side  of  the  Cash-book  by  me  is  the  $oO  to  be 

entered  ? 

A    CredU  side,  because  it  is  a  sum  paid  out. 

Q    Is  there  a  Cash  receipt  to  be  given  in  this  transaction? 

A.  TJiere  is  not,  because  a  note  has  been  given  for  the  sanuf. 

Q.  What  is  the  form  of  this  note  ? 

A.  See  Note  10,  p.  77. 


(^mft4ac/wn  20 ^naaiy  22. 

^/^^^    ^^d  da,  ylnc..  ^c   Q^^na^u  c^^^^    acce/.tan^    /  d^ 


\   a^  ^O  c/aya,  ^n. 


Q   How  is  this  transaction  to  be  entered? 

t  w;y^'et;:\mf  Receivable  and   credit   Bills  Receiv- 

''^A^ecause  Ihave  received  Bills  Receivable  {viz.,Amisaffdl^s 
acceptance  of  William  Clark^s  draft),  and  I  have  dehvered  B.Us 
Receivable  {viz.,  WUliam  Clark^s  7^o^).-(Apply  Rule  2.) 

Q   Wliat  would  be  William  Clark's  entry  ? 

A    Bills  Payable  Dr.  TO  Bills  Receivable, 

For  having  received  my  Note  of  Edward  Martin, 

AND   GIVEN  AmASA   HaLl's  ACCEPTANCE   OF   MY  DRAFT 
AT  30  DAYS  FROM  DATE. 

0    Why  debit  Bills  Payable  and  credit  Bills  Receivable  ? 

A.  Because  BllU  Payable  {viz.,  WiUiam  Clark^snote)  ^the 
thing  received,  and  BilU  ReceivabU  {viz.,  Amma  RalVs  acceptance 
of  draft)  is  the  thing  delivered.— {A-VV^Y  Rule  2.) 

Q   What  would  be  Amasa  Hall's  entry? 

A    William  Clark  DR.  to  Bills  Payable.  . . .  $o0.2o 
'  ,   For  my  acceptance  of  his  draft,  30  days  from        ^^ 

DATE •  •  '  ■  "Ji"  Vi  \ 

Q.  Why  debit  William  Clark  and  credit  B^ll^^/^^f  «^ 
A    Because  he  is  the  receiver,  or  receives  the  beneft,  and  Bil^ 
Payable  {viz.,  Amasa  HalVs  acceptance  of  WiUiam  GUrkU  draft. 


thereby  making  it  his  own  hUl  payabU)  is  the  thing  delivered.^ 

^^^Whrt  would  be  William  Clark's  entry  with  Amasa  Hall 
on  receiving  his  acceptance,  and  before  passing  it  over  to  any 

^  A    Bills  Receivable  Dr.  to  Amasa  Hall $50.25 

Fob  his  acceptance  of  my  draft  at  30  days  ^^  ^^ 

FROM  DATE '     '  ' ^    11  ? 

0   Why  debit  Bills  Receivable  and  credit  Amasa  Hal  . 
A.  Because  BiVU  ReceivabU  {viz.,  Amasa  ^^-^f;*  ^^i^g^^f 
my  draft)  is  the  the  tUn^  received,  and  Amasa  HaU  u  ths  deUv- 

%rl^I!lL!nlvLc.e,..n..  of  WilUam  Clark's  draft  a  re- 
ceivable  or  payable  bill  on  my  part? 

A.  Receivable. 

Q.  Why? 

A    Because  it  is  given  in  my  favor. 

Q.  What  is  the  form  of  this  draft  and  acceptance? 

A.  See  Draft  11,  p.  77.  . 

Q.  What  is  necessary  on  my  part  in  order  to  receive  the 

monev  from  this  acceptance  ?  7,  ^  •    /    ^ 

A.  'write  my  name  on  the  bach  of  U,  which  u  caOed  indort- 

ing  it. 


&ian<iac^t<>n  S/......Tanaiilf  22. 


Q.  How  is  this  transaction  to  bo  entered? 
A.  See  Day-book,  p.  42. 

p.  Why  debit  Cash  and  Interest,  and  credit  Bills  Receiv- 
able? 

A.  Because  Gash  and  Interest  are  the  things  received,  or  became 
JnUrest  receiver  the  benefit,  and  Bills  Receivable  {viz.,  James 
Smithes  note)  is  t/ie  thing  delivered. — (Apply  Rule  2.) 
Q.  What  would  be  the  Bank  of  Black  River's  entry  ? 

A.  Bills  Receivable  Dk.  to  Sundries $400.00 

Cash,  for  amount  paid  Edward  Martin  on 

James  Smith's  Note $396.00 

Interest,  for  2  months'  discount  on  same 4.00 


Q.  Why  debit  Bills  Receivable,  and  credit  Cash  and  Inter- 
est? 

A.  Because  Bills  Receivable  (viz.,  James  Smith's  note)  is  the 
thing  received,  and  Cash  and  InUrest  are  the  things  delivered,  or 
because  Interest  confers  the  if n^/^.— (Apply  Rule  2.) 

Q.  On  which  side  of  the  Cash-book  by  me  fs  this  $396  to  bo 
entered  ? 

A.  Debtor  side,  because  it  is  a  sum  received. 

Q.  Is  there  a  Cash  receipt  to  be  given  in  this  transac- 
tion ? 

A.  There  is  not,  because  the  Bank  has  the  note /or  the  same. 


(^^ndac/ion  22......Tanaaiu  22. 


Q.  How  is  this  transaction  to  be  entered  ? 
A.  See  Day-book,  p.  42. 

Q.  Why  debit  Merchandise,  and    credit   Merchandise  and 
Cash? 

A.  Because  I  have  received  Merc/iandise,  and  delivered  Mer- 
chandise and  Ci2«A.— (Apply  Rule  2.) 

Q.  What  would  be  Sanuiel  King's  entry  ? 

A.  Sundries  Dr.  to  Merchandise $80.00 

Merchandise,  for  amount  received  of 

Edward  Martin,  as  per  bill  of  22d.  .  $25.00 
Cash,  for  amount  received,  both  in 

FULL. ...,. •••••••••..,,,,..  'J'l  00 

For  goods  sold  him,  per  bill. 

Q.  Why  debit  Merchandise  and  Cash,  and  credit  Merchan- 
dise? 


A.  Because  Merchandise  and  Cash  are  the  things  received,  and 
Merchandise  is  the  thing  delivered.— (Apply  Rule  2.) 

^  Q.  What  is  the  form  of  bill  merchandise  given  by  Samuel 
King  ? 

A.  See  Bill  14,  p.  89. 

Q.  Is  there  a  Cash  receipt  to  bo  given  in  this   transac- 
tion? 

A.  There  is  not,  because  th«  bill  merchandise  is  receipted. 
Q.  On  which  side  of  the  Cash-book  by  mo  is  the  $55  to  bo 
entered  ? 

A.   On  the  credit  side,  because  it  is  a  sum  paid  out. 

Q.  What  is  the  form  of  bill  mercliandiso  given  to  Samuel 

King? 

A.  See  Bill  15,  p.  89. 


<■ 


; 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


27 


(^mTtdac/mn  2S .Tanaam  22, 


Q.  IIow  is  this  transaction  to  be  entered  ? 

A.  See  Day-booh,  p.  42. 

Q.  Why  debit  Cash  and  credit  Cornelius  Whitman? 

A.  Because  the  thing  received  is  Cash,  and  Cornelius  Whitman 
is  the  deliverer. — (Apply  Rule  2.) 

Q.  What  would  be  Cornelius  Whitman's  entry  ? 

A.  Edward  Martin  Dr.  to  Cash $140.00 

For  amount  paid  him  on  account $140.00 

Q.  Why  debit  Edward  Martin  and  credit  Cash  ? 

A.  Because  he  is  the  receiver,  and  Cash  the  thing  delivered. — 
(Apply  Rule  2.) 


Q.  On  which  side  of  the  Cash-book  by  me  is  this  $140  to  be 
entered  ? 

A.  Debtor  side,  because  it  is  a  sum  received. 

Q.  Is  there  a  Cash  receipt  to  be  given  in  this  transac- 
tion ? 

A.  Tfiere  is.  - 

Q.  Why? 

A.  Bfcause  it  is  Cash  re/xived  on  aecouni, 

Q.  What  is  the  form  of  this  receipt  ? 

A.  See  Receipt  4,  p.  82. 


Q.  IIow  is  this  transaction  to  be  entered? 

A.  See  Day-book,  p.  43. 

Q.  Why  debit  James  Magoon  and  credit  Bills  Payable  ? 

A.  Because  James  Magoon  is  the  receiver,  or  receives  the  benefit, 
and  BiUn  Payable  (viz.,  my  acceptance  of  his  draft,  thus  making 
it  a  hill  which  I  must  pay),  is  the  thing  delivered. — (Apply  Rule  2.) 

Q.  What  would  be  James  Magoon's  entry? 

A.  Bills  Receivable  Dr.  to  Edward  Martin $400.00 

For    his  acceptance    of   my   draft. 


10 


FAVOR    OF    Charles  Allen,   at 

days'  sight $400.00 

Q.  Why  debit  Bills  Receivable  and  credit  Edward  Martin  ? 
A.  Because  it  is  the  thing  received  (viz.,  my  draft  accepted  by 
Edward  Martin),  and  Edward  Martin  is  the  deliverer. — (Apply 
Rule  2.) 


Q.  What  would  be  Charles  Allen's  entry  on  receiving  the 
draft? 

A.  Bills  Receivable  Dr.  to  James  Magoon, 

For  his  draft,  accepted  by  Edward  Martin, 
at  10  days'  sight $400.00 

Q.  Why  debit  Bills  Receivable,  and  credit  James  Magoon  ? 

A.  Because  Bills  Receivable  (viz.,  James  Magoon's  draft  ac- 
cepted by  Edward  Martin)  is  the  thing  received,  and  James  Ma- 
goon is  the  deliverer,  or  confers  the  benefit. — (Apply  Rule  2.) 

Q.  What  is  the  form  of  this  draft  ? 

A.  See  Draft  6,  p.  80. 

Q.  Wliat  must  Charles  Allen  do  in  order  to  receive  the 
money  on  this  draft  ? 

A.    Write  his  name  on  the  back,  which  is  called  indorsing  it. 


(Qy^ndac/^n   2S ./^ane/azy  2-4. 

c/ian^ft  u^  SO  c/a?/.J  /lofn  c/a/^ /    amount,  ^(?  c/otuziJ. 


Q.  IIow  is  this  transaction  to  be  entered  ? 

A.  See  Day-book,  p.  43. 

Q.  Why  debit  Bills  Receivable  and  credit  Bills  Payable  ? 


J  A.  Because  I  have  received  Henry  Daniels'  note,  which  is  a  BiU 
ReceivabU,  and  delivered  my  note,  which  is  a  BiU  Payable. — 
(Apply  Rule  2.) 


,iJI!,}l:lll|i|».iiM1w 


ill 


II 


28 


PRACTICAL  BOOK-KEEPING  FOR  YOUTH. 


,       i       rp 


A. 


What  would  be  Henry  Daniels'  entry  ? 

Bills  Receivablb  Dr.  to  Bills  Payablk |r,0.00 

Fon  nAvixo  ExniANOEt)  Notes  with  Ed- 
ward Martin,  each  prawn  at  30  days 

FROM  pate,  and  FOR  THE  SAME  AMOUNT.  $50.00 

Q.  Why  debit  Bills  Receivable  and  credit  Bills  Payable? 
A.  Because  Bills  Receivable  {viz.,  Edward  Martin's  note)  is  the 


thing  received,  and  JiUls  Payable  (viz.,  If.  Daniels'  note)  is  the 
thing  delivered. — (Apply  Rule  2.) 

Q.  What  is  the  form  of  this  receivoblc  bill  or  note  ? 

A.  See  Note  12,  p.  78. 

Q.  What  is  the  form  of  this  payable  bill  or  note  ? 

A,  See  Note  7,  p.  80. 


Q.  How  is  this  transaction  to  be  entered  ? 

A.  See  Day-book,  p.  43. 

Q.  Why  debit  Private  Account  and  credit  Merchandise? 

A.  Because  Private  Account  {viz.,  the  representative  of  the  per- 


son doing  business,  (he  design  of  which  is  to  show  the  anwuntqfhU 
private  expenses)  is  the  receiver,  and.  Merchandise  is  the  thing  de- 
livered,—{A^^ly  Rule  2  ;  Note  J,  see  p.  95.) 


Q.  How  is  this  transaction  to  bo  entered  ? 

A.  See  Day-book,  p.  43. 

Q.  Why  debit  Cash  and  credit  Bills  Receivable  ? 

A.  Because  Cash  is  the  thing  received,  and  BiUs  ReceitabU 
confers  the  benefit  {and  is  credit  for  the  amount  received,  which 
also  is  to  be  indorsed  on  the  note,  and  noted  in  tU  Bill-book)  — 
(Apply  Rule  2.) 

Q.  What  would  be  Samuel  Rice's  entry  ? 

A.  Bills  Payable  Dr.  to  Cash $100.00 

For  amount  paid  Edward  Martin  on 
Note $100.00 


Q.  Why  debit  Bills  Payable  and  credit  Cash  ? 

A  Because  BiUs  Payable  receives  the  benefit  (i.  e.,  the  amount 
paid  has  been  indorsed  on  the  ru>te,  thus  making  the  sum  less),  and 
Cash  ts  the  thing  delivered.— {A^^^^y  Rule  2.) 

Q.  On  which  side  of  the  Cash-book  by  me  is  this  $100  to  be 
entered  ? 

A.  Debtor  side,  because  it  is  a  sum  received. 

Q.  Is  there  a  Ca.sh  receipt  to  be  given  for  this  $100? 

A.  There  is,  because  Samuel  Rice  wants  something  as  a  voucher. 

Q.  What  is  the  form  of  this  receipt  ? 

A.  See  Receipt  5,  p.  83. 


c^^u,,-  ^..  «^^^  ^^<«£/./.^/^ /^.^/W^  ^■u.^.^y^,  ^.A^JAOi.  S7 


(, 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


29 


Q.  How  is  this  transaction  to  be  entered? 

A.  See  Day-hjok,  p.  44. 

Q.  Why  debit  Expense  and  credit  Cash  ? 

A.  Because  Expense  Account  is  tlie  receiver  (i,  e.  so  much  has 


been  charged  to  Expense  Account),  or  bemuse  it  is  considered  a  loss 
in  doing  business,  and  Cash  is  the  thing  delivered.— {A^\>\y  Rules 
2  and  3.) 


ef^^^A^  //^  ^^  Uc^^eJ  ^a^4  o/  Q^nia^  (S^di//^  ^  acce/i^nc^  ^wn  i4^  y    amount 


\ 


Q.  How  is  this  tran-saction  to  be  entered  ? 
A.  See  Day-book,  p.  44. 

Q.  Why  debit  Cash  and  Interest,  and  credit  Bills  Receivable  ? 
A.  Because  I  have  received  Cash  and  Interest,  or  Interest  re- 
ceives the  benefit,  and  delivered  BiUs  Receivable  {viz.,  Amasa 
Halts  Acceptance).— {^.y^\>\3  Rule  2.) 

Q.  What  would  be  Amasa  Hall's  entry? 

A.  Bills  Payable  Dr.  to  Sundries $50.25 

Cash,  for  amount  paid  Edward  Martin  for 

my  acceptance  given  up $50.20 

Interest,  for  6  days'  discount  on  the  same,  . .        .05 


Q.  Why  debit  Bills  Payable,  and  credit  Cash  and  Interest? 

A.  Because  Bills  Payable  is  the  thing  received  (viz.,  acceptance 
of  William  Clark's  draft),  and  Cash  and  Interest  tke  things  de- 
livered, or  Interest  confers  the  benefit. — (Apply  Rule  2.) 

Q.  On  which  side  of  the  Cash-book  by  me  is  this  $50.20  to 
be  entered  ? 

A.  Debtor  side,  because  it  is  a  sum  received. 

Q.  Is  there  a  Cash  receipt  to  be  given  in  this  transac- 
tion? 

A.  There  is  not,  because  the  acceptance  is  given  up. 


(^mn^ac/uxn  SO ^aniiazy  2d. 

nave    dc^ri    on    //^    ^Sc/  cn^^ant,  an  J  Q^  /aue  ^ven  e^^  to  dt^Tn  /^    Q4^ote  «^/^/  of  i^cet:iA^J 
/lo^?^  dcni  at  t^  ^Ui?ne^  tcma,  anc^ /:^i,  t^  tUinie  amot^nt,  ^cn^  ^O  c^/Au. 


Q.  How  is  this  transaction  to  be  entered? 

A.  See  Day-book,  p.  44. 

Q.  Why  debit  Bills  Payable  and  credit  Bills  Receivable  ? 

A.  Because  I  have  received  BiUs  Payable  (viz.,  my  own  note), 
and  Bills  Receivable  {viz.,  Henry  Daniels'  note)  is  the  thing  deliv- 
ered.—{K^^Xy  Rule  2.) 

Q.  What  would  bo  Henry  Daniels'  entry  ? 

A.  Bills  Payable  Dr.  to  Bills  Receivable $50.00 

For  having  given  up  to  Edward  Mar- 
tin THE  Note  I  held  against  him,  and 


G 


received  of  him  a  Note  which  he 
held  against  me  for  same  amount $50.00 

Q.  Why  debit  Bills  Payable  and  credit  Bills  Receivable  ? 

A.  Because  Bills  Payable  {viz.,  his  own  nUe)  is  the  thin^  re- 
ceived, and  Bills  Receivable  {viz.,  Edward  Martin's  note)  is  the 
thing  delivered. — (Apply  Rule  2.) 

Q.  Why  is  this  a  bill  payable  ? 

A.  Because  it  is  due  from  me  to  another. 

Q.  Why  is  this  a  bill  receivable  ? 

A.  Because  it  is  due  from  another  to  me. 


80 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


Q.  How  is  this  transaction  to  be  entered  ? 

A.  See  Day-book,  p.  44. 

Q.  Wliy  debit  Profit  and  Loss,  and  credit  Bills  Receivable  ? 

A.  Because  I  have  met  tcith  a  loss,  and  Bills  Receivable  (viz., 
Henry  DoolUtWa  note)  is  the  thing  delivered.— {A^^ly  Kules  3 
and  2.) 

Q.  What  would  be  Henry  Doolittlo's  entry! 


A.  Bills  Payable  Dr.  to  Profit  and  Loss $18.04 

Fob  having  received  mv  Note  of  Ed- 
ward Martin,  being  unable  to  pay  it,  $18.04 
Q.  Why  debit  Bills  Payable,  and  credit  Profit  and  Loss  ? 
A.  Because  Bills  Payable  {viz.,  H.  DoolUtle's  note)  u  the  thing 
received,  and  the  note  given  up  shows  the  amount  o/ gain.— {Apply 
Kules  3  and  2.) 


(^m^tdac/ian  S2 ^nuazy  2 p. 

at'u^ft  Oft  //^  4ld  ^'/id^?a/    amouti/^,   ^OO  c/o/^l^  /    anc/  4a,v^  yt'i^ert  ^/ie?n  u  7ieuA  G4oU  ^ol  S{?{? 


Q.  How  is  this  transaction  to  be  entered,  the  draft  not  having 
been  entered  ? 

A.  See  Day-hooTc,  p.  45. 

Q.  Why  debit  Bills  Payable,  and  credit  Bills  Payable  and 
Charles  Smith  &  Co.  ? 

A.  Because  I  have  received  Bills  Payable  {viz.,  my  old  note 
taken  up),  and  Bills  Payable  {viz.,  my  new  note)  and  Charles 
Sm,ith  d;  Oo.^s  acceptance  of  my  draft  are  the  tilings  delivered,  or 
because  C.  Smith  d;  Co.  confers  the  benefit.— {A\>p\y  Rule  2.) 
Q.  What  would  be  James  Warren  &  Co.'s  entry  ? 

A.  Bills  Receivable  Dr.  to  Bills  Receivable $600.00 

For  Edward  Martin's  Note  on  de- 
mand, for $300.00 

For  his  draft  on  Charles  Smith  & 
Co.,  AT  2  months  from  date,  in  pay- 
ment for  old  Note  given  up $30O.OO 

Q.  Why  debit  Bills  Receivable  and  credit  Bills  Receivable? 
A.  Because  Bills  Receivable  {viz.,  Edward  Martin''a  note  (ind 
his  draft  on  Charles  Smith,  db  Co.)  are  the  things  received,  and 
Bills  Receivable  {viz.,  Edward  Martinis  note)  is  the  thing  deliv- 
ered.—{Apply  Rule  2.) 


Q.  What  would  be  Charles  Smith  &  Co.'s  entry  when  the 
draft  was  presented  ? 

A.  Edward  Martin  Dr.  to  Bills  Payable $300.00 

For  our  acceptance  of  his  draft,  at 
2  months  from  date,  in  favor  of 

James  Warren  &  Co $300.00 

Q.  Why  debit  Edward  Martin  and  credit  Bills  Payable  ? 
A.  Because  he  receives  the  benefit  of  our  acceptance  of  his  draft 
given  to  James  Warren  &  Co.,  and  Bills  Payable  {viz.,  our  ac- 
ceptance of  his  drcft)  is  the  thing  delivered.— {Apply  Rule  2.) 


Transaction  32. — Second  Part. 

Q.  Why  debit  Interest  and  credit  Cash  1 

A.  Because  Interest  is  the  thing  received,  or  receives  the  benefit, 
and  Cash  is  the  tJiing  delivered.— {Apply  Rule  2.) 
Q.  What  would  be  James  Warren  &  Co.'s  entry  ? 

A,  Cash  Dr.  to  Interest $3.00 

For  amount  received  of  Edward  Martin, 
fob  2    months'   Interest    on    Charles 


Smith  &  Co.'s  draft. 


$3.00 


t 


\ 


II 


: 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


31 


Q.  Why  debit  Cash  and  credit  Interest  ? 
A.  Because  Cash  is  the  thing  received,  and  Interest  the  thing 
delivered,  or  confers  the  benefit.— {Apply  Rule  2.) 
Q.  What  is  the  form  of  new  note  given? 
A.  See  Note  8,  p.  80. 
Q.  Why  is  this  a  payable  note  ? 
A.  Because  it  is  due  from  me  to  another. 
Q.  What  is  the  fonn  of  draft  given  ? 


A.  See  Draft  2,  p.  81.  .,,.-,    /v  • 

Q.  What  must  James  Warren  «fe  Co.  do  with  this  draft  m 

order  to  get  the  money  ?  .  ,    .        „  j   •  j 

A.   Write  their  names  on  the  lack,  which  is  called  xndors- 

'%!<)n  which  side  of  the  Cash-book  by  me  is  this  $3  to  be 

entered  ? 
A.  Credit  side,  because  it  is  a  sum  paid  out. 


(^zandac^n  SS ^nuaty  2^^ 


Q.  Ilow  is  this  transaction  to  be  entered  \ 

A.  See  Day-book,  p.  45. 

Q.  Why  debit  Thomas  Chase  and  Daniel  King  &  Co.,  and 

credit  Cash  ? 
A.  Because  they  are  the  receivers,  and  Cash  is  the  thing  delivered. 

—(Apply  Rule  2.) 

Q.  What  would  be  Thomas  Chase's  entry? 

A.  Cash  Dr.  to  Edward  Martin $370.00 

For  amount  received  in  full $370.00 

Q.  Why  debit  Cash  and  credit  Edward  Martin  ? 

A.  Because  Cash  is  the  thing  received,  and  Edward  Martin  is 
the  deliverer.— {Apply  Rule  2.) 

Q.  What  would  be  Daniel  King  &  Co.'s  entry? 


A.  Cash  Dr.  TO  Edward  Martin $200.00   ■ 

For  amount  received  in  full $200.00 

Q.  Why  debit  Cash  and  credit  Edward  Martin  ?  ^    ! 

A.  Because  Cash  is  tU  thing  received,  and  Edward  MaHin  it 
the  deliverer. —{Apply  Rule  2.) 

Q.  On  which  side  of  the  Cash-book  by  me  is  this  $370  and 

$200  to  be  entered? 

A.  Credit  side,  because  they  are  sums  paid  out. 

Q.  Is  there  a  Cash  receipt  to  be  given  or  received  in  this 

A.  There  is,  because  E.  Martin  wants  something  for  a  voucher. 
Q.  What  is  the  form  of  Cash  receipts  in  this  transaction  ? 
A.  See  Receipts  6  and  7,  p.  83. 


(^mndoc^ion  3-4^ ^nuaty  S/ . 


Q.  How  IS  this  transaction  to  be  entered? 

A.  See  Day-Book,  p.  45.  t,      •     vi    » 

Q   Why  debit  Bills  Receivable  and  credit  Bills  Receivable  ?^ 
A    Because  I  have  received  Bills  Receivable  {viz.,  Samuel  Rice's 
new  note),  and  delivered  Bills  Receivable  {viz.,  Samuel  Rice's  old 

iwfe).— (Apply  Rule  2.) 

Q.  What  would  be  Samuel  Rice's  entr}'? 

A.  Bills  Payable  Dr.  to  Bills  Payable $200.00 

For  new  Note  given  to  Edward  Mar- 
tin, AT  2  months  from  date,  to  take 

UP  BALANCE  ON  OLD  NOTE $200.00 


Q.  Why  debit  Bills  Payable  and  credit  Bills  Payable? 

A.  Because  Bills  Payable  {viz.,  my  old  note)  is  the  thing  re- 
ceived, and  Bills  Payable  {viz.,  my  new  note)  is  the  thing  dtUv- 
ereJ.— (Apply  Rule  2.) 

Transaction  34.— Second  Part. 

Q.  Wliy  debit  Cash  and  credit  Interest  ? 
A.  Because  Cash  is  the  thing  received,  and  Interest  is  the  ihin^ 
delivered,  or  confers  the  benefit.— {Apply  Rule  2.) 
Q.  What  would  be  Samuel  Rice's  entry  ? 


32 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


A.  Interest  Dr.  to  Cash  $2.00 

For  amount  paid  Edward  Martin,  for  2 
months'  interest  on  new  Note  given.  . .  $2.00 
Q.  Why  debit  Interest  and  credit  Cash  ? 
J.  Because  Interest  is  the  thing  received^  or  receives  the  benefit, 
and  Gash  is  the  thing  delivered. — (Apply  Rule  2.) 

Q.  What  is  the  form  of  new  note  received  from  Samuel  Rice  ? 


A.  See  Note  18,  p.  78. 
Q.  Why  is  this  a  receivable  note  ? 
A.  Because  it  is  due  from  another  to  me. 
Q.  On  which  side  of  the  Cash-book  by  mo  is  this  $2  to  be 
entered  ? 
A.  Debtor  side,  because  it  is  a  sum  received. 


^/i<tiuJ  '^//nt'm  ^    ^o.   nave  /nu)  c/au  ir-c^cve</  'fnu   O^/fe,  a^  4^    fno?i//iJ   /io?fi>    c/a^,  ^l 
4^4^0  cmtuild,  ^ui7da/^(e  at  ^n€^/itlc  J^anA,  i/i  Aait  yiat/fne^it  /ol  uffiount  c/uc  tnc/n;    a/u/  cci^n. 


Q.  How  is  this  transaction  to  be  entered  ? 
A.  See  Day-booh,  p.  46. 

Q.  Why  debit  Charles  Smith  &  Co.,  and  credit  Bills  Pay- 
able and  Cash  ? 

A.  Because  Charles  Smith  d:  Co.  are  the  receivers,  and  Bills 
Payable  (viz.,  my  note)  and  Cash  are  the  things  delivered. — (Ap- 
ply Rule  2.) 

Q.  What  would  be  Charles  Smith  &  Co.'s  entry  ? 

A.  Sundries  Dr.  to  Edward  Martin $740.00 

Bills  Receivable,  for  his  Note  at  4 
months  from  date,  in  part  payment 

FOB  amount  due $440.00 

Cash,  for  amount  received  to  bal- 
ance account 300.00 


Q.  Why  debit  Bills  Receivable  and  Cash,  and  credit  Edward 
Martin  i 

A.  Because  Bills  Receivable  {viz.,  Edward  Martin's  note)  and 
Cash  are  the  things  received,  and  Edward  Martin  ie  the  deliverer. 
—(Apply  Rule  2.) 

Q.  What  is  the  form  of  note  given  ? 

A.  See  Note  9,  p.  80. 

Q.  Why  is  it  a  payable  note  on  my  part? 

A.  Because  it  is  due  from  me  to  another. 

Q.  Is  there  a  Cash  receipt  to  be  given  in  this  transaction  ? 

A.  There  is,  because  it  is  a  sum  paid  infuU,  and  I  want  some- 
thing for  a  voucher. 

Q.  What  is  the  form  of  this  receipt  ? 

A.  See  Receipt  8,  p.  88. 


Q.  IIow  is  this  transaction  to  bo  entered  ? 
A.  See  Day-book,  p.  46. 

Q.  Why  debit  Merchandise  and  credit  Bills  Receivable  ? 
A.  Because  I  have  received  Merchandise,  and  delivered  Bills 
JSeceivaltle  (viz.,  William  Kingston'' s  note). — (Apply  Rule  2.) 
Q.  What  would  be  William  Kingston's  entry  ? 

A.  Bills  Payable  Dr.  to  Merchandise $290.00 

For  amount  goods  delivered  Edward 


Martin,  in  full  fob  my  Note  given 

UP  of  11th $290.00 

Q.  Why  debit  Bills  Payable  and  credit  Merchandise  ? 
A.  Because  Bills  Payable  {viz.,  his  own  note)  is  the  thing 
received,  and  Mtrchandise  is  Vie  thing  delivered.— {Ai>Tp\y  Rule 
2.) 

Q.  What  is  the  form  of  this  bill  merchandise  ? 
A.  See  BiU  16,  p.  89. 


f 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


33 


/ol  uM^t^cd  Of/iuuc  i^cecuec^  ui^ /tayrnertt  <my   04^oU  ^^//,  amount  S(?(?  ^^i^. 


Q.  IIow  is  this  transaction  to  be  entered? 
A.  See  Day-hook,  p.  46. 

Q.  Why  debit  Bills  Payable  and  credit  Merchandise? 
A.  Because  I  have  received  Bills  Payable  {viz.,  my  own  ru)te), 
and  delivered  Merchandise  for  the  «aTO«.— (Apply  Rule  2.) 
Q.  What  would  be  James  Warren  &  Co.'s  entry? 

A.  Merchandise  Dr.  to  Bills  Receivable $300.00 

For  goods  received  of  Edward  Mar- 
tin, as  per  bill  of  31st,  fob  which 


I   HAVE    delivered    IN    PAYMENT    KIS 

Note $300.00 

Q.  Why  debit  Merchandise  and  credit  Bills  Receivable  ? 
A.  Because  Merchandise  is  the  thing  received,  and  Bills  Receiv- 
able {viz.,  Edward  Martin's  note)  is  the  thing  delivered.— {Ai^iAy 

Rule  2.) 

Q.  What  is  the  form  of  this  bill  merchandise  ? 

A.  See  Bill  17,  p.  90. 


(^zan-Joc/ian  So ^anuat?/  S/ . 

c^anJt^,   to  t^  afnou?it  o/  ^74,  t^Uccn,  cA ^Ui^  t^u)  day. 


Q.  How  is  this  transaction  to  be  entered  ? 

A.  See  Day-book,  p.  46. 

Q.  Why  debit  Calvin  Holmes  and  credit  Woodman  Brooks  ? 

A.  Becauie  Calvin  Holmes  receives  the  benefit  of  my  order,  and 
Woodman  Brooks  is  the  deliverer  of  Merchandise  to  the  amount  of 
order,  or  confers  the  benefit.— {A^\Ay  Rule  2.) 

Q.  What  would  be  Woodman  Brooks'  entry  ? 

A.  Edwakd  Martin  Dr.  to  Merchandise $74.00 

Fob  goods  delivered  C.  Holmes,  as  per 

his  obdeb $74.00 

Q.  Why  debit  Edward  Martin  and  credit  Merchandise  ? 

A.  Because  he    receives    the  benefit  {which  amount  has  been 


charged  to  C.  Holmes),  and  Merchandise  is  the  thing  delivered. — 
(Apply  Rule  2.) 

Q.  Wtiat  would  be  Calvin  Holmes'  entry  ? 

A.  Mebchandise  Db.  to  Edw.vrd  Martin $74.00 

Fob  ooods  beceived  of  W.  Bkooks,  as 

PEB  ms  order $74.00 

Q.  Why  debit  Merchandise  and  credit  Edward  Martin  ? 

A.  Because  Merchandise  is  tlie  thing  received,   and  Edward 
Martin  confers  the  benefit.— {t\^^\y  Rule  2.) 

Q.  What  is  the  form  of  this  order? 

A.  See  Order  1,  p.  81. 


(^zan^ioctian  Sp ^anuaz?^  S/ . 

Oft^ave^  Uc€cuec/  a  i^?ncttanc^  o^ 9,ione?y /u^m  J'a?7zeJ   O^^yoo?t,  en /i^ayiment /oh  4t:j  i/ui/t 
in  J^u»l  o/  ^/uii.4^    Q^/i^n,   a?nount  4^^  c/o/^iJ, 


Q.  IIow  is  this  transaction  to  be  entered? 

A.  See  Day-book,  p.  47. 

Q.  Why  debit  Cash  and  credit  James  Magoon  ? 


A.  Because  Cash  Is  the  thing  received,  and  James  Magoon  is  the 
deliverer. — (Apply  Rule  2.) 

Q.  What  would  be  James  Magoon's  entry  ? 


.5 


rUACTICAL  BOOK-KEEPING  FOU  YOUTH. 


$400.00 


J,   Edward  Maktin  Db.  to  Cash 

Fob  paid  him  in  full,  for  his  accept- 
ance   OF    MY    DBAFT    in    FAVOR    OF 

Char.ksAl.kn t^OO.00 

0   Why  debit  Edward  Mttrtin  and  credit  Cash? 
A.  Because  Edward  Martin  u  the  receUer,  and  Ckuh  «  the 
thing  delivered.— {^^VV^y  Rw^c  2.) 


Q.  What  18  the  form  of  this  Cash  receipt  1 

t  O.  S'siir  onho  Cash-boo.  by  mo  is  this  |400  to  bo 

entered  ? 

A.  Debtor  side, 

Q.  Why?  ^  • 

A.  Because  it  is  a  sum  received. 


.6.  we^  ^u.o/^s.d.  ^^z-.  ^-'^M'  '""-""■  7^  •^'"^" 


ava 


Q   How  is  this  transaction  to  be  entered  ? 

I  %tl^'cL%  credit  Cornelius  Whitman  and  Cal- 

'''T^lt  cash  is  the  thing  recei.ed^  and  Corneliu.  Whitman 
and  Calvin  Holmes  are  the  deliverers. -{XvV^y  Rule  2.) 

Q.  What  would  be  Cornelius  Whitman's  entry  ?  ^^ 

A.  Edward  Martin  Dr.  to  Cash ...•.••  * 

For  paid  him  in  full f  zw.w 

Q   Whv  debit  Edward  Martin  and  credit  Cash  1 

i  B^lusemward  Martin  is  the  receiver,  and  Cash  the  ih.ng 

delivered.-{KvV^y  Rule  2.) 

Q.  What  would  be  Calvm  Holmes'  entry! 


A.  Edward  Martin  Br.  to  Cash ••••-• 

For  PAID  HIM  IN  FULL '*V  f      " 

0  Why  debit  Edward  Martin  and  credit  Cash  ? 

A.  Because  he  is  the  receiver,  and  Cash  the  Vang  deUvered.- 

^T  Whati's'thc  form  oC  the  Cash  receipts  given  in  this 

transaction  ? 

A    See  Jieeeipts\(iand\\,^.^*'  *„..,*    i.„ 

Q.  Z  Which  Bide  of  tho  CuHh-book  hy  .no  i»  th.»  »2, 4  to  bo 

entered  ? 
A.  Debtor  side. 
(?.  Whyl  . 

A.  Because  U  is  a  sum  received. 


DOUBLE  ENTRY. 


DAY-BOOK  AND  JOURNAL, 


L 


36 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


^ui/i//a/on,      faiiaaru  /,  /c^J^r^, 


4 
4 


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4 


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PRACTICAL  BOOK-KEEPING  FOR  YOUTH. 


87 


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nt7fi,  aJ  Ael  ^u((  of  4^^- 


-4- 


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(Izyj  /lo?n    </a^,  Cft  ^iay7ficfi€^  ^h  yooc^   ^otiyd^  o^ 
^de?n,  aJ  fi^h  octt  of-  <^cc 


G^fnoti?il^  c<zllced  ovel. 


7y^cf 


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38 


PRACTICAL    BOOK-KEEPING    FOU    YOUTH. 


Sl^utecna^on,     /a?iuarM  e^ ,  /S' i^^. 


8 


Gz/nouM^  Oioe/ant  ot^el. 


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a^  4  fno?i//iJ  ^ia?fv  c/aA;^,  en    /uiU  /uty?nen^ y<^b  aooe/j 
/^ouyU^  c/  /ic'/fi,   Viei,  ^c'// o/ ,St^. 


fifi. 


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•  ^ouy4^  o^ 4cfn,  aj  ^lel  ^c7^o//^^/i. -, 

^U9i^/ 'd^ftny^  Jf  ^o.,  ^ol  ^/ie(:i  ^iay??ic?a  o/ ^ny  at'^/^t 
</la^t^,  c'ft  ^eJ ^voi,  /ot  //fe  /Aci^ncc 


Q^/n^u/i^  calitrf/  oiAcl. 


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PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


30 


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4 


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3^c/6  Mcceci^c^/c  Ml.  ^   G/i^eU:/L,^c/uc — - 

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d/lci}iAactco?t   if  ^ ...(Second  J^it. 

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^SaJ^,  /oi'  a?/wu?it  Ytaic/  iti??t  o?t  accou?i/. 

^^e/S  Mtya/^^,/ol  <>ny  Q/^/^,  at  SO  c/ayJ /io^n  c/ate. 

in  /lait  /fa7i??ie?i.t  /oi  yoocU... - 

.!l^a^fice  to  Uin  S  77to?itM. 


/J*- 


(^iandactian  / 2. 

(^ufidtie^  Ml.   tiy    (^i^clch4znc/i^e 

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^  9?iofit/fj /lo?n  c/at^,   in ^lalt ^i.ay7ne?tt ^ol .--. 

4/tie<:4^  <^Sci/ji77ieic,  /07  yd^.,  ®  f.^S.-.fSS.yS 

fO       „      S^^nne/,       ^OO       ,,      ©     .S4...^t?4.00 

337-75 

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rilACTICAL    BOOK-KEEPING    FOR    YOUTH. 


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^ 


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C>i?jioun/  Oi^f^afy^  cf^el B       O^^'^ 

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(^oi,  afuot//tt ^i4^u/  /(e'/Ji  oji,  ucci^uftY. 

— /^ -^ 


^^fic/u'eJ  ^i.    ^   Q>/^^U'/{a,n/(je 

e/uy^  ay/l,  o/  S'c/waic/  ^ajf/j'  t/i^^e. £{?0.{?0 

^SojI/oI  umof.n^^^^evec/ o/  /e'^n  en /^///ol  r^ooc/j.... 

6^6.00 


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S'^oi,  amount  i^^cV^ec/ o/ Jo/,,  qgoo/  /^  uc'^/.Hauc^  o/ 


Q^moe^fif  cailt^c/  oiacI. 


PRACTICAL    BOOK-KEEPING    FOB    YOUTH 


41 


6 


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fi 


4 


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/i'  „  /<incy  C^i^eec/,      <^40     „       @      .^^— //^-^^ 


i      I        . 


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^aj/t,  /ol  a?noune  ieccivec/ o^  /t'ni  o?t  accou?f  /- 

Aay?nen^ /ol  aooc/^  dota   /u?n. -- 


J' 


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4 


^o/6  ^ecet\'a./^  Ml.   ^  Jcm^^J   (Mnc^/. 


S^ol  /fJ    Cjio^e,   af  ^  9?ionl/j  /lo?n  c/ci^e,   /o  /a/unce  /iJ 


accoa-n'^. 


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^ 


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M't;S  .^eccUa//e   MlT  /o  (^u??c/ueJ - - 

<^a.,l/ol  amount  /ent  J^^ni,  ^S/ul/ /ol  u^/uc/  of 

/ul?^e  leccc'^^ec/  /u    G4^o^,  a>f  ^^  c/uyJ - 

<2f?i^i€J^,  /ol  uniounf  o/  cnlelcU  a/iowec/  on  dame 

G^ffiotinl^  calUeJ  ouel. 


6 


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PRACTICAL  BOOK-KEEPING  FOU  YOUTH. 


Ml^/^^^/on,   /a7?Maj  ^J^,  /^<^. 


& 


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<^mndac/ion  20, 


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^i  /itj  g4^oU 


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.99- 


4 
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/ 


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'^Sa^/i,  /(^i  a?)iou ?i  t  Aat'J  <^a,?nf(e^  )jtc/i^ 


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09- 


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43 


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— 24- 


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^cZ6  Mecec^a/e  Ml.  ^  ^c/S  ^c^y^^ - 

euc/i  c/uiiajt  at  JO  dayd 


-24' 


^JiaThJac/mn  2^ , 


4 


^ci^at^^   G^cou?it  Ml.    to   G^<^elc/^a?ic/t'j^ - 

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.,       /  a/.c£P/^ul ^^^ 


2 


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S^oi  a7noant  Uc^n^eJ  o/ (M^7nue/ M^e,  tn-  /.alt /^^y 
tnent  0%    C>4ote -- 


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PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


9 


^ui//y/on,  /anaary^  M  /^-^. 


^ 


G^^nou?it  olo(/ant  ovei. 


^4^^^ 


&^an-jac^(on  2o  , 


Sa-Ziemte  jS^.    /o    ^a^/i. 

(^ol  /tae'c/  ^?neJ   <ii^u'e   /ol    c'n^ula.?ice    o/h   a^le   unci 

a^oc/....[. - 40.00 

„      exAc?iJeJ  ^o  ^o^^n ^ol  yood) :fC?.t?0 


-^^- 


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(^/i^fic^  oJ^  ^^nct- 

of/iteie^t,   /ol  u  c/ci?/>J'  c/ucou?it  o/i  aame 


-^^- 


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^c/Tj  MiycJ/!^  Ml.   fo  JSBc/Tj  .^ececoa/^/e 

<£Pol    iicn^cng'    att^c/i  uA  -to  (S/cenly   M'afu'e^  //^    C^i o/e 

to/uc/i  de  ue^  ciaac'^i^it  7}ic  /ol  ^u^  aatne  u?n&itnt. — 

9^ — 


^ 


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^u/c^Sf  c^  Mi>.  ^o  .mm  Mecec^^^ 

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G^fuoufi^  cezlie^/  oit^l. 


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PRACTICAL  BOOK-KEEPING  FOR  YOUTH. 


45 


10 


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cf 


cf 


Q^/noun^  dlouadt  ouel - i    ^'^       ^ 


£ 


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:^'c/6  Mcyud^  Ml.    ^  (^unc/lieJ - - 

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^neft  t/A - 

^Sduidj   (Mnad  Jf   ^o.,   /ol    ^decl    ucce/a<znce    o/  9ny 

c/la/t,     a/:   ^    9non^L  /lom    c/a/e,  /ut^ol     o/  Janice 

^/fallefi  Jf  ^o.,  /^l  ^de  dadi^nce --- 

Gf?i/eU^t  Ml.   ^   ^Saod. --- 

Oft  adove    acceA^fice 


^ 
^ 


—  &/ 


^ 


(^lian<iac^wn  SS , 

(M^nc/l^   Ml.    ^    ^add..... - - 

Q/do?naJ    ^da^,  /ol  a??iotc?a /iat:c/  Af:?n  Cfv  /u/d -- 

Mun/e/WcnyJf  ^So., /al  uniount /iciecd  ^d^??i  ^^t /udc. 

Sy 


^ 


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^ 


MJc/d  Mececucdd^   Ml.   ^    ^c/6  3 

<£Pol  7iem   Q4^o^  o/ (^c^?nae/ Mece,  c^  ^  9no?i^dj  /u,7?z 
cda^e,  /ol  dadz?ic^  c/ue  o?i  odd  Q4i^le  ^ude?i  u/i..^ — 

^ojd  Ml.   Ic'  <3/n/6l^l. - 

S^ol  antou^i^  lec^inecd  o/ ^a^nued Mcce, /l  ^  <nia,adj 
i?i^l€^t  o?i  new    (^iote  at^ncfi 


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PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 

11 

4 
7 

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4 

^^^/flOtCJZ^  ^tOt/fl/i-f  oi^ct      ........... ...... 

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74 

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&f  / 

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Q/o  ^afneJ      //aHe?t    S^    '^(ho.,    /ol    to/teen^    Of  naite 

9-f 

^Sutf^^/i  (^CoujieJ   .2^1.    'to      // ooa^/taji   ^^jCOloonJ 

&j^oi,  a??iou7it  G^/c^}c/ict?fc/t'je.   eU  ficl  7n?i  olcte-i' 

GZ'jiiouti t  cuilcee/  oi^6i> 

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(^^ol  a?/iof/fit  i^fne'ltec/,   c/i.  y/c/u//ie/ft  /oi,  nu>  al<:fjht,  /<uvoi 

^S/i^^/^  Q^/^^7,- - 


40{? 


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(^}ocd  ^l.    to  ^Ul^u^e    Q^oftnl. --- 

C^^ai-  oauifice  ti^^m/eilec/  /o  &ttoc£. 


^74 


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M</ctS^  c^/>   Ml.    to   (^e4?ic/ueJ — -- 

o/fitele^t,  /<^i.  a??iou7it  ti4zna/ei^lec7  to   Oa^7fce   ac^off7it. 
&x/ie7ide. 


(^/tocd,         ,,     jiet  aac'71  tuca  7710/it/i^- 


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PRACTICAL    BOOK-KKKl'ING    FOR    YOUTH. 


13 


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^aJn,  /ol  u?/iou n  /  o/e-  fttznu,   aJ  /lei,    ^-^a^n-ooon.. 

Oooft 

J^7/-'/^/. 


//44 


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^^7ti^nal(€J   .^j^i.   /<?  J:^auific^ 


ooon. 


S^(/tt^(fh  .£/Cf'nc'o//f ,  foh  //ir.  /u^ificfi  c/t/a  4i'/n  Oft  ac- 
count.   

^//oo(/mafi>  j2^-fi^Hi/fJ,  /ol  <^/^  Aifunc^  c/uc  /n'fn  Oft  at- 
coe//f^. -- 

.(2%v/C  /oi-  fi^^  c€r/ii/aci 


74 
44^^ 


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/^ 


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^047 


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74 


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PRACTICAL  BOOK-KEEPING  FOR  YOUTH. 


49 


14 


^a/Jiuyhn,    ^e^ztia^u  /,  fS'JJ^. 


/ 
4 


7 


7 


^n/Z€€J   /at  ^uco/iem'na,  et  a   ^onSnua/mn   of   /ne 
ikime  (^^ccaei/i4ii  4n  /ne  a/a  ,^C€aaet, 


(^tnc/lced    .^'i.   ^   J^adcnce 

'^i^aj/i,   /ol  a?nou?i€^  o/t  /<zftc/,   a  J  Act    ^a^^/t-ooou.. 

G/i^ic/i<i.fie/oac,    /^t    aooi/j  ofi  /anc/,   aJ  ^leh  O/'uvefUoly- 


tooft 


^c//Jood. - - 

^a/i^cfi     o/uzaal,     /ol     //^    ^aucfice    aue     on,    oicl    ctc- 
COUfl/^. 


Mci/ance    Ml.    ^   (^u?icA^ 

^c/6  ^Styu/^^,    Al   aunc/iy   (^oteJ    (/ue    ^  odeiJ,  aa 
/let  ^c//Jood. 

Sc7toc?t   .^^nco/fi,  /oi  aa^nc^  </ue  o?i  o/d  account.... 

0'ooc/ffiafv  J^i4>oria,    ,,  ,,  ,,  ,,  >>        

(^^h>c/,  /ot  ne^  ca/U^/. 


^047 


^7 

74 


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^S 


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o^ 


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04 


/-^^ 

(?0 

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oo 

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ps 

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04 

Note.— Some  may  think  the  Balance  account  of  no  use,  and  would  recommend  the  practice  of  balancing  the  accounts  in  the 
Ledger  itself,  without  the  trouble  of  making  entries  upon  the  Day-book  ;  but  as  I  wish  to  have  nothing  appear  in  the  Ledger, 
without  its  being  first  entered  in  the  Day-book,  and  wishing  to  have  some  system,  fshall  adopt  this  as  a  rule.  It  also  shows  a 
Trial-balance  of  the  accounts  on  closing  and  reopening  the  Books.  If  the  accounts  which  are  closed  by  Balance  are  to  be  con- 
tinued in  the  old  Ledger,  the  balances  are  to  be  brought  down  and  entered  U)oxhy  Balance.  If  to  be  transferred  to  a  new 
Ledger,  they  arc  to  be  closed  to  or  ly  Balance,  Ledger  B  ;  and  the  accounts  thus  transferred  to  the  new  Ledger,  tooxhy  Balance, 
Lodger  A.  • 


Jio^cWj  J2^eceiva^/e ^ 

^tY6  Mz^/a/^/;^ ."  J 

J^Jioo/t^,     V/ooc/ffue/i. ^ 

J^afance y 


^Sa^d / 

^/i<ijfi,   C^A<^//iuJ ^ 


<B. 


S'xA 


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c^ 


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ua<ii,,    ^a-ti^cft _ ^ 

(S/Cot/neJ,    '^uttAc/i ^ 

(^ 
Of/i^icj^ ^ 


c/tc'fia,   ^^uncei,    (X  ^o ^ 

^^c/icoi/i,    Suiac/i ^ 


^^^lcuu?ic/tj^ ^ 

^^cc/^oon,  ^ki9neJ ^ 


J^^c'i^at^^   Q:Tccoufit. ^ 

J^^/it  un^  ,££^ cf 


(M>cil / 

(2///u'tA,  ^a/zieJ ^ 

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» 

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/• 


niACTICAL    BOOK-KEEPING    FOR    YOUTH 


53 


i. 


(^loc^. 


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,,    J^uuince 


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PRACTICAL    BOOK-KEEPING    FOR    YOUTH 


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1 

PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 

63 

: ... II                                    1                 II 

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ft 

c^'    ^r/*      /^                    t.           /   ..  y   ' ^.A,,/^'«   y'l^^^            

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/  &o   (<£/€ocft,   amount  o?i  nu/iu^  v/i^i^c^i-^^  c^*-  — j| 

\          1 

J 
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tt 

ft 

/^C/'  J' .       /^ /O^-^'li  ..A^r^t^r//-*^    y^A*''^   r/rrtM                          ....----- 

1 

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,,      ^i? ftai'teJ   ki^/oa?^?^,                  ,f                  tt        tf    

,,      Sc/mcft  .:^?tco/n,  a?noufi^  /tac'c/  4c9ft  ofi  account... 
,,      Q/uo9?ia<f    '^n^i^e,            ,,               ft               ft               "          — 
„     Mc/^    Mzya^^.     aniou?a  /uztc^    Q4^oU    ^     C^ 

'„    (§//^oma^  "TMUncyf  iec^cveJ en /e./i^Yoi  0^^ic4<.nc/^e 
,,     ^c/ivalc^  3^a?i4j,          ft          ,f        f     " 

J^i'S    MececvaUe  on  J'o/ut    ^Soo/^'J  acc^/aunce..... 

' 

„      Offi^i^^,  a7nou7i^ /tacc/  c?i^le^^  Oft   adoue    Q4^^... 
„     Mc^   Mecetua^^,     "Tfc/^nt   ^Ald'^    Q41>U  /oi 
/  /    J- 

^C?utt^c?t   (2/Caaal.  oft  account 

^'Ji'S  ^ecec'na^^  on /a^neJ  (Mna/v'J   Q4oU 

^oine/c'tuf    "^/MUmaJif  on  accoutt^. 

• 

SO§4. 

caa/it  tenc 

(O^r^M^xy./  9//^'>jn    />j  /u^ /oh  G^^icdaficTcae 

/an. 

ff 

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—                                                                 1 

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^^       (^:yC7nOlcnv   On/    fiaflU'... _.-.-- .--- 

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r^AA/^^                                                 

1 

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syo 

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soo 

C=^A<?^ -- 

McS    Mececua^/e,     Ua^cvcc/  of  Q^ma^a    S/i^a/^'J 
acc^/ita?ic€ 1 

Ofn^elejt,  lececvcc/  o/ (M^^nue^ M/a^  o,t  neto  Q^fo^ 

7?zy  ^Z^la/:^. r 

&/j.^'ii/^^  ^f^'-n/y    riC    t^/7       -/fyata    C7t    ■f^UvV        . 

J^a?neJ   (^/Ca(jfOO?i,  iececi^ea  o^   fu?/h  c?t ^utf^ 

>^/9         A      ^yyC^v        „                                                      

C/^J^^A.A>A   Or/iii/y^/t    nC   ^/nn      -//yoca    tn  /utt        

^oUieueU    // uufnaJi,    „         ,,         t*           "      

Q^a/iAtft  (^LOtfneJ,            ft         tf         »'           "      

//j^     /f                    , ,   '     /    J.          ^     J- ^ y-A 

CY      //'J/^    ^              ^1.      -^>r>  ^^^»»  .^/l/"  '^tt/irt^/b                 .   ._.-.---- 

,^^ata?ic^  calUed  -to  7texf  -moyt^/t 

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t^§4^ 

f^j^jp 

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S^ed 

Q/o   .l^afcrfic^  O^loua/it  ^to7ft  taat^  Tnoni'n^ 

NoTE.-In  this  Book,  all  sums  received,  together  with  the  amount  put  into  business,  should  be  entered  on  the  debtor  side ; 
and  all  sums  faid  mt  should  be  entered  on  the  credit  side,  and  sh9uld  be  balanced  every  day.    The  amount  of  cash  on  hand 
should  always  agree  with  the  balance  wanting  in  the  Cash-book. 

■ 

. 

• 

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66 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


G4^/e,f  anJ  ^i^ 


iMt. 


/ 

c?0 


No. 


From  whom  Received. 


To  lohom  Payable. 


Where  PayaUe. 


waUt 


/  QyK<x,i^^iff^ 


MuU  o/Mrl//y^^' 


On  what  Account. 


C}y//elcuu  naeJe 


3 
if3 


-^4 


7 


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ft 


tf 


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Q/^icuanc/u^ 


I 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


67 


^tecec2^av^/e. 


Tim^. 

Year. 

When  Due. 

Amount. 

Partial  Payments. 

Remark*. 

4  -^non^M.. 

/c%?. 

Q^^^. 

/ 

400 

00 

^       „ 

^^/i. 

SO 

soo 

00 
00 

04 

^U7i.  S4-.. 

^00 

00 

,^2^zcc/  du  icnctoa/,  ^a>7i.  Sf. 

700 

,^^e?na?ic/. 

^§ 

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^O  c/ayJ... 

// 

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sy 

^^0 

00 

,,    (^^^lcn/z?t</u>e,    ,,     S/. 

^  ■fftOfl^/tJ  .. 

// 

Q^^i. 

soo 

00 

■/O  aayJ... 

rt 

J'u7t. 

^3 

soo 

00 

M^^  ^a^^,                 „      /9, 

<^  7no?i^/i^ . . 

// 

Q^/u. 

y^ 

soo 

00 

^^e7na?icC . 

fp 

soo 

00 

£  171071^^^.. 

// 

G//^i. 

^2 

400 

00 

M^'c/^y  ^cun(,                  ,,      SS. 

SO  </aya... 
SO     

// 

S^e/^. 

^/ 

30 

So 

,,       ^  Q^.  (S^uz^'j  acccA^ce. 

•       „ 

// 

^4 

30 

S3 

„      ^y  ^a^d,^7i.  S^. 

SO     

// 

// 

^S 

30 

00 

.,2^/^ui7ie<z,                   „       SO. 

^  'TTtOTt^M.. 

// 

G^i. 

s/ 

soo 

00 

JS  ■77tV7l/^/lJ.. 

tt 

soo 

00 

* 

.^^^x^ea  (yi^eh  /<y  ^^a.77t^  ^iuin.. 

ft 

Q^Ai^. 

/ 

soo 

00 

„     ^.(M7U^/^^^Sc. 

Note.— The  total  amount  of  unpaid  Notes  due  on  the  Bills  Receivable  Book  should  always  agree  with  the  balance  due  on  the 
Ledger  with  the  same  account. 

Balance  due  ok  Ledgeb $1200.00 

Balance  due  on  Bills  Receivable  Book 1200.00 


L 


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70 


PRACTICAL   BOOK-KEEPING   FOR   YOUTH. 


Q^oied  an(/  !^i/l^ 


Date. 


No. 


Jan. 


/ 


4 
// 

^4 


To  whom,  Payable. 


By  whom  Drawn. 


Where  Payable. 


C^f.  Q/^iantu?i^.-. 


Sc/iouiJ  O^l^i^cfi 


^an/t  o/^ul/cn^^on 


On  what  Account, 


^ood  O'^ccoun^... 


SJuM^ic/  o^uc\^und  y'j^«.^>.^^/.b^^/-«^^'' 


t9 


oo?i,aiapt 


cKt^n 


PRACTICAL    liOOK-KEElMNG    FOR    YOUTH. 


71 


auaOte, 


7' 


Tim/e. 


Year. 


jS  fnon^nJ.. 


Jg4  c/ay^... 
(^{?  c/a7/J... 


/c^4^. 


When  Due. 


^^/i. 


/u/y 


Amount. 


/ 


G^ 


7 


^9 
// 

/ 


^SO 


oo 


Partial  Payments. 


^^<9 

^^ 

20^ 

OO 

^oo 

OO 

^o 

oo 

400 

oo 

^O 

oo 

soo 

{?(? 

440 

c?o 

Remarhs. 


M/.  ly  ^a<^d,J^^t.  /c^. 


M/.  ^y  Q4^o^^^c/i^/t,J^n.  ^. 


NOTK-Tho  total  amount  of  unpaid  Notes  due  on  the  Bills  Payable  Boole  nhould  always  agree  with  the  balance  due  in  tl 
Ledger  with  the  same  account.  • 

T  $1290.00 

Balance  on  the  Ledger 

Balance  OK  THE  Buxa  Fayable  Book * 


ic 


I 


72 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


Q/iiai   ..::i^a/a?ice,  /oi     I^anuazu  S/ ,  /o  JJO, 


Paje, 


4 
4 


^ 


(^cocn,. 

'^Sa^/t 

J^ctu  .J:ztececiia&^ 

..^^ittj  .=^^ziiua,^/e 

'^2-^oeicuuficiCi^ 

Syn^eieJ^.... 

M^/c^Jf  £^/j 

Sx Ac  fide 

.^ic'uaU  Q^^Vccou?it. 

^ct7n€J  Qy/?i('t/t. 

^^olfteuaJ    /AUctf/KZJt 

Q/uoJncU    ^naJe 

J^u?n,eJ  (~2^/oaaoo?t. 

/hciif^Cft   (^Caa^l 

SauM/h   <^/^t.'ncoi/t 

//oou??ia?i  .^^loouJ 

^a/iAcn>   &^oC/neJ 


o/o^at  a/?iou?i  f  o^  £^cin-^oo/c  aac/i/eofiJ 


Zd, 


^04^ 

77 

<^40 

47^ 
74^ 
4^^ 

74 


/cft?^/ 


9 


/J'^^/ 


^4 
^O 

^^ 

^4 
OO 
SO 
OO 
OO 
OO 
OO 
OO 
^/ 
OO 
OO 

OO 


^t^ 


^^ 


^Zd, 


SS40 
20/0 
fJS§ 


400 
S40 

47^ 
740 

400 

^(?0 

0^7 

74 
74 


/S^jJ7 


00 

^4 
00 

70 


00 
00 

00 
00 

00 


^^ 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH 


73 


Q/ua/  Mz/ancc,/o.  /anuazj^  Sf.  /^^—(^^ 


cond  Fonn.) 


Page. 


/ 

4 


''^locd. --- 

^a^/i 


EXPLANATION  OF  THE  TRIAL  BALANCES. 


■•♦*» 


T„.  Trial  Balance  sUouU  b.  taken  eve^  month;  the  objeet  ''^  ■^^'''^■-^''^-''^--^''-'•'- ^^ ^"TL^:^!!^. 
™,e  a  .beet  of  pape,  a,  In  e.a,„p,e  ^.-en,  ana  p.oeeea  to  taUe  do^n  tbe  name,  '^-^ir^^l^^!;^^^:^^:^ 
with  tl,e  amount  of  uU  the  debit,  and  eredit,  for  tbe  month,  or  for  tbo  t.me  '■'"■--■'"■"  ^";' ^■^""^;;^  ,  J,,  „.„„„„^ 
amonnt,  of  t..e  original  entrie,  ,.ve  been  eorroet,.  posted  the  debtor  and  credit  -  -  -^J  »  ^^^  ^l  _  „ 
are  eorreet,  take  the  total  footings  of  tlie  Day-book  for  the  given  time,  and  if  the  ^>ork  eorrce 
the  total  amount  of  the  Trial  Balance. 

Xhi,  form  Of  Trial  Balance  i.  .imp,,  to  take  o.^  the  Zl  in  - -- Itl^r  rXl  ^^^  '^^■ 
credit  .ide  of  each  account,  a.  .ill  be  seen  in  the  example  gi™,;  and  if  the  » ^^^  ^^l^^'^.^^^  ^„ ,,, JJ^^^  „ic  Book. 
This  form  i,  much  shorter,  and  is  undoubtedly  the  one  mostly  used,  and  is  the  f°™  «"^'"  ™"  .  ^^^  ^, 

It  also  presents  at  one  view  the  total  amount  of  debt,  due  you  from  other,,  which  are  found  m  the  left-hand 
ll  ainount  of  debts  due  from  you  to  others,  which  are  found  in  the  right-luuid  columns.    ,S.e  e^^pU.) 


10 


I        ■     4 


i 


H  i 


F 


74 


PRACTICAL 


BOOK-KEEPING    FOR    YOUTH. 


Ofni^en^otu^    ^ooi. 


/ 
/ 
/ 

7 


/J* 

I 


(D^nvcUce  o/ <^/^^c/uinc/i<ie  on  X^^//^  ^/ 
fj(?<9  y^i^i^ ® 

OBa^     /i>^/^^,     Qj^nJ^^l    &iie^^cn^' 
c^cFif^  ^^^ 

^.^,   /J'/.^,  -^-'^^^  .f^^;...*^ @       -^^ 

.^/^.  ^^..^ ^     ^'^^ 

^-^^^  f^  c^^-  ^-'  ^^^  '^ ®   *^'; 

^....  £^..  ^y-^.  ^^^^ - ®   -^^ 

<^a^dmcie  &/A^w6 ^^^ 

^^ciM'/Zi^        ,,  ■ 


laJ.-  @ 


SO 


CSoift'^  ->!i%i-««.«  .>.^<5^  340.00^ 
oUta/  amount  inved^- 


fOO 


00 

0(? 

00 
00 

70 

0(? 

00 
00 
00 
00 
so 


400.00 

300.00 


jS7^^ 

^400 
yoo 


740 


00 

00 
00 


00 


I 


1  SO 47 


SS40 


00 


74 


KoxK._Eac.  article  of  MercW.e  .hould  be  specified  with  its  <,ua..t.ty,  pnce, 
present  value. 


and  amount,  as  above,  at  cost,  or  at  the 


FORMS    OF  BILLS   AND   NOTES   RECEIVABLE. 


^mn.Mc^Win  / ©fi^e  / . 


^eil/c7iy^o?i,    (^^.,    Q4^oue??t^ei>   /.    ^^O^. 


^400.00 

{See  Note  S,  page  95.) 

(^mndac/i^an  / (S4^o/e  2. 

0OO.OO  ^ul/c^^y^on,    (^t.,    OVa^nJei  JO,    ^^oS. 

ci7u.o    .non^/^   a/e^   c/u^.,   Qf/.U>n^    ^ /-/    Sc/^.ai<^  (^^U^n,  ot   o^K   //^    /^unJuJ 


^m^hiac/wn  / ©Vo^e  S. 


^/§.o. 


'4 


^uliinyloft,    ^V.,  ^?tuai,y  O,    :f§0/^ 


on 


■■I 


76 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


(^mn^jaa^n  /O ©^/^  -/. 


^3r;6>.^^ 


^ul/'c^^^/on,    (^^.,  Ji^vu^iy  Iff,    ^9^/P. 


<^ian<iaa€^n   /  2 ©Vo/e  ^, 


^t?^   ^o/^hf. 


^ald'n^^on,    ^^^.,  J'anuaU^   f^,    /c%?. 


dr/u 


%09naJ      /Vn^^ne^/. 


ey. 


<^^anjac/wn   /^ MJm^/  ^. 


^t?^  ^o/^u>. 


^'ui/cny^?i,    ^t.,  ^nualy  /c?,    /J^^. 


G€t  ^?t  c/ayJ  a/tel  afy/it,  /(.ay  ^  ^/le  ou/ei,  o/ S</iuuU^  Q^/^lCc/i  tuw  ^uju/uJ  c/o/?a.U,  vafue 
O^/l.    Fo/ift    ^Sood,  ^oa^?i,    Q^^^. 


<^mn<iac^t^n  /^ (S4^a/e  /. 


£0^  M^o/^4J. 


^ul^ny^fi,    ^^.,  ^?iucily  /J,    /cP^^. 


f 


I 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


77 


S-rol    ^^a/ue   i.^i^   Q^/.^^.^  ^ /-/  SJu.a.J  O^/^a^lc,.,  oh    oic/eh,  tu^  /u.u/uJ  ^.//^^, 
u>cd  c,acle^t,  on,  </e.rzu7tJ.        M^ya^^  at  O^^lc/u^ntJ   ^a?d. 


S-^ah   -.a/..    Uce^.eJ,    g/ /.^m^e    to  /^y   Sc/^oa^J  a//.z^tc..  oh  oiJeh, /ouh    t^...Ji^  c/oZ/u^, 

fani€J   (Mnct/i. 


(^za^ac/wn  / p Q4^o/€  /O. 


^3^.^J 


^uhd;,yton,    ^t,  J^znaahy  ^^.    ^^^p. 


maty  c/ayJ/u..^  c/at^.    of /.hom^e  to /.ay   ^c/u.alc^  <^^htc...  oh   oU^h, //ty  "Aoo    ^.^^^ 
/uc  Uc^t^^ec/.        Mzya/^^  at  ^ani  0/  M^^cnyton. 


maty  dayJ  a/t,h  ^t^, /^y  to  Sc/toaiJ  O/^itcn,  oh  ohc/ch, //ty  -Aoo  ^^M  ^^^^  i^'u.^, 
unac/^>y.  //.  .---  ^o  .ny  accoaut        ^^^/^  at  ^^u/fM  ^and,    Mo.^n. 

erf  //ctua??t    ^lahn.. 

Q/o 

Q^^.na^a  <Mc//.  ^o^ton,    ©^. 


-1\ 


78 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


(^mnjac/i^n  2 J (S4^o/c  / 2, 


^J{?.^^ 


^^ui/t'/t^^vn,    ^V.,  ^a?lt^^ly  >^4,    /cf^i^. 


Ci//ic'Ui/  e/a?/J  A^?7i  c/a^e,   Qf  ytiomtJe  /o  /tan  Sc/uiau/  Gi^caUc/i,  ol  oic/ei.,  /<i^^  c/oC/xi^U,  ttafti^ 


(^ianjac/i^n  S-4 ©4^o/e  /S. 


^^6f^.O{? 


^tii/uia^oft,    ^^.,  ^anrealy  J/,    '/^OJp. 


(S/'ioc   f7ion^^  j^io/)i    (/a/a,    Q^  /ilo7niJe    /o    Yia?*    Sc/ioaic/  (^/cal/en,    ol    oi-t/el,    ^tov    4a?ic/ied 


'•4^*  '^B 


FORMS    OF   BILLS   AND    NOTES     PAYABLE. 


(^^andac/ia?z   / (S^ro/e  / . 


I 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


79 


4u7u/lcc/  ^/^M  <^ci/ac  lece(:ucc/.        MuycJi^  ^/  ^a?i/o  o/  ^ui/cnye<>?t. 


S'c/iua.lc/  (^^^(ai^7> 


(^71. 


(^mndac/ton  p ©To^  -4-. 


^^OO.OO 


G4ew.    ^?/^id,  J'a7iual7y   //,    /<%? 


(^cx  -7710711/^/10771  c/u/c,   of  /i.io7nt:^e  ^o  /lay  Jc,77teJ    ^S/zid,  oi    olc/et,  ^uw  /iu7tc/u</  c/o//^hf, 

'va/ue>   ieccc'uec/.        ^Szya/^  at  ^Oaji/^  of  ^/uUc7iy/07t. 

Sc/walc/  Q^/al^/i>. 


(^iandoc/iixn   // Q/yoie  J. 


/^^.^<9 


d/ZcUfi  c/ayJ  /l077i>  c/a/e,   of  yii077zcae  /o  /ay  S'c/wc7i   ^cnco/7t,  ol  olc/el,  /e/ty  c/o/ixziJ,  «/^^ 
iececuec/.        .^Szya/^  a^  ^a7id  o/  ^(tl/c7?y/o7t. 


We/iMzlc/  G^/al/c/t, 


\ 


80 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


(^ianiUic/ion  2-4 


(y^j 


4^6^  ^o/^i^. 


(^zan^ac/i'on  2S ©4i/e  /. 


^^{?.^^ 


^ul/cn^^on,    ^t.,  Jinuaiy  £4.    /^c^- 


Gc/uHZ-li^  Q^Lai^c'fi. 


(^tan-Jac^ion  S2 ©Vo/e  §. 


^^{?^.0{? 


^oJ^o^f,  ^unf^al7y  2p,    /c%7. 


S'cl  vu/ue  iec^t^vec/,    of  /cl07?ieJe  /o  /cay  ^ci?7ieJ    ^/fulie^i,  ^   ^Sc,    ol    ou/eK    //^    At7ic/l^ 
e/o/dcU,   we'd  tnUle^t  o^l  Je^Juz^tJ.        3Szya^i^  u^  S.    Qy/lc^Uui'J  of^. 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


81 


FORMS    OF    DRAFTS. 


^^^ 


^^0(?.C?0 


cnahxe  //^  aa^ne  4?  fn,y  accou9i^. 


o 
Q^I^/^iJ.   Mcinf:c/ '^^?ty  Jf  ^o.,   ^o^^o,t,    ©i^^. 


S(/wai^  <^^Oal^n. 


(^m^n^ioc/mn  S2 ^za^^t  2, 

dAvv  7?io9a/L>  ci/^l  c/u^,  /uiy  ^  //^  oic/eh  o/ Ji77te^   ^aUen.   S^  ^o.  ^/ilee  /unJi^  </a//czU, 
ua/u4i  iec^c'vec/,  anc^ /uice  ^/ic  <^a??ie  ^o  accou7i^  oj- 


Muld'7ty^7t,    ^*/.,  J'cznuaiy  S^,  ^§^p. 
©^^.    ^//%M/77ia7i   ,^/ioo/cJ, 

^^aae  /uiy  ^    ^a/iAC7t  (^d^67ieJ  ^uen^y-^oul  c/oZAi^.  cfi   ^Zelc/(<z7ic^,  a7ic/ /^(Ucc 

^Ae  <>a7na  /o  TTty  uccou7z/. 


Sc/uMzU:^  Qy^baUcn. 


11 


FORMS  OF  CASH  RECEIPTS. 


►•♦■ 


^c?o.o^ 


Mececuec/  o/  Sc/u>aic^  (^i^Ucn  o?ie  /iu7ic/iec/  c/o/^i^,  on,  uccou,a. 


(^domatf   ^Ua^. 


'Mececued  o/ ^u/ucr.  <^(^yai  /cue   dundlec/  c/o/i^U.    en /^U /u^ymcn^ /^  O/^aunc/ae 


M^^cecvec/  o/  ^ol7teduJ   ^Wutmu?t  one  ^unc^l^J  u?ic/ /ol^y  c/o/(^iJ,  on  accoum. 


^/4^.00 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH.  83 

Mececvec/  o/ (^aniue/ Mi^ce    o?7e    /umc/iec^  c/oSti^,  «^/^/ ^  ^  ^   c?zc/oi^Xc</  on    4^    G4^o/e 
o/  C^ovem^^l  <SO,  /c^c^c^. 

(^mndac/w^n  SS (Mecei/i4  d. 

^ecec'uec/ o/  ^c/walc/  G^t^Ucn  ^^Ice  4u7i(/lec/  anJ  aeve?i^y  c/o/(^i^,  c'n  /u// o/ a/(f  c/e?fuznc/j. 

^ia^idac/ion  SS .^/leceiVU  y . 

.^ececvec^  o/  Sc/toalc/  Q^/^Uc7t  ^wo  du?i</lei/  c/o^iJ,  i?h  /uu. 

,^ance/  '^cfta  Sf  ^o. 

(^mn-Jac/Mn  S^ ,£/i€ce^l  o  > 

^^cec've^  &/  Sc/i4Mti^c^  "^^l^c'n  idlee  4u7icAec^  Jo^ia,  en  /u^ o/  a// c^nva7i(l}  ^  i/a^. 

^mndac4ton  Sp l^ccei/i/  p, 

^400.00  ^ul/c7t^^on,    ^^.,  ^7iuc^y  J/,    if^^p. 

,^^ececiie(/  0/ ^ameJ  Q^^a^^oo7t /ul  dunc/lec/  c/o^i^,  c'71  ^y77zenl /i,  ^  c/la/,  /zvol  0/ 


84 


TRACTICAL    BOOK-KEEriNG    FOR    YOUTH. 


i^/?^.^^ 


^74.^0 


FORMS    OF   BILLS    OF   MERCHANDISE, 


BOUGHT   AND    SOLD. 


-♦-•-♦- 


if  ^^^    ^a/<:c<J —^^ya^c^>   ®      •^- 

/      „        /^.    (Me^'tcny —SO       „         @      ./'-^ 

4  yalcl)  ^^ue   ^Bloac/cU^m. 

5  ,,        Q^u^/ic'?ta 

Jg       ,,        ^^c^  ^a^c'?naU 


^J^ 

S.PC? 

@  7.ocf  '^^.oi? 

@    .^x ^ ^^ 


,y^  f.^6?...^40.§f 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


85 


(^mndac/ion  S 12^4^ 2, 

f  cf/L^e   ^  S^^yio^t  &/ea>,       §§  /^.,   ®  7C?  /^/.^ 

Jg  ^6.   ^lom^t   ^u^i,  ^^O     „       @      ^ <9<S.00...^^4^0 


Sc/tiHzu/  ^^^oai'^ 


/I. 


/  ca^fi   /^/  ^a^cTnei^,    lf^ /t^ece^,  ^4^  yal<l>,  ®   f  .OO ^4^.00 

/  Ai^  Uie  S^An?ie6,         f^       .,         §00       „         ®      .J'^ J^OO.OO 

y,5(^  ya^  ai^n  ^a/c^^y ®      .O/  7.<^^...^447<^^ 


^J^ndac^n  S .^Siu-^, 

20  Jox^Tt /ti^nleJ  ^/a^,    ®  f.OO  ^O.OO 

Jg      ,,              „         M^ded,    @,  ^.0(?  fCf.OO 

20      ,,             ,,         ^owS,    @      .^O fO.(9(? 

f4^       „       co^lec^           „          @      .7^ 7-'^^ 

fO      „          „         Q^l^yJ,      @     .7^  - ---  7-^0 

fO       „       //u^  oTum^^i^,  @    ■/.<^(?  - f^.OC? 

f^^/a^urt^^S^Mj,          ®     .S^ - 4.0(?,..f74.(^o 


8(5 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 
(^Iuin4ac/€an   ^ L^m/  -^ , 

/•.    ..Wc^.^/i>    .      ^oo    .      ®    .^o ^^o.oc?..J'^oo.oo 

&ianJac/Mn  y .^m/  O  . 

^ yaic/j  S'to^Ci/.  ®   -^P      

4       ,,         ^n^n,  ®,   .^^^ ^'^ 

////^^.     ^70/^;^.0^      /^£^-//<^.^4 

,^!^^cca^i^  /uiyntent, 

(^mthiac/mn  o ^^M  y . 

f  coJ,    ^a^/.mc^  (Muu^A      /^f,  ^^.OO  ^^^^^ 

/      ,,      /^/^.^  „  ^O.  ®  ^-7^ ^^^'^^ 

^  ^^  Uu^n  (^fice^n^,    ^OO  yalc/j,  ®      JO  £O^..JJOO.O(? 

^4<zl^  G^tun7i. 


/  r^^5  /^/  ^a^7?teieJ,   :/^  /ii^^>ed,  J^40  yalo/j,  @   ^^O  ^40.0(? 

/     „      ^ioac/Ml  Zf        ,,  §0       „         ®  ^.0(? /^^.^^.../40^.0^ 


^^ececuec/  yt-ayme?i^. 


^a,7neJ    ^^id. 


(^mn^aamn  YO ^ii^p. 

40  U6.  S^/ouK  ®  ^-00  S40.0(? 

^^  yc/j.     ^a/>uneu,    @,ir.OO  - £0^...^£pO.(?0 

^mn^ac/mn  // 2^t^ /  O . 

Q4iuj-    ^il,  ^7t€iaiy  ifS,   /^c5^, 

m 

cf  /i/u^.   Qy/^/a/^,        400  y<^/i^7u>,  ®  .^^ ^00.00 

^^JuzH^  ^o//^,    ^OO  i^.,        ®  JO '.... ^(?.(?0...^/^(?.00 


I! 


88 


PRACTICAL  BOOK-KEEPING  FOR  YOUTH. 


^iafhJac/mn   /2 ^4^ /  / , 


Q^.   S^/iofficzJ    yf/^Uney, 


^uid'fia/<>n,    ^e^.,    £i,?uiuly  ^^,    f§^fi. 


4 /le'eceJ   ^a^c'mci€,    ^6^^  yaic/j,  @   f.^J fJJ.?^ 

/^       „        S^^n7ie/,      ^^       ,,         ®      .J4  J^04.0{?...^^J'/.';^ 


J^u^c^cvec/  /iciy^nen/^. 


Sc/iuuu/  G^Cui>^'n. 


<^m<ndac/wn   /^. (^i/lf/  2, 


^^^      „        ®     .<^4  SC?4.^^ 


m^ec^^vec/  yiuyfnc?i  ^, 


Wi/uMzu/  (3'^(al^'?i. 


(^ianjac/mn   // ^i/i^/S. 


^  ca^eJ  //^/  ^oej/tc'/i,   <^<P  Ae'^c^,   ^4{?  yu>^,   @    y.{?{?  ^4(P.C?^ 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 
(0^mmac4ian  22 ^^/f4. 

■ 

4 /it'cccJ   &^^cne^^,      -//^  yatc/a.   ©      .^^   ^^.06^ 

/ /it^ece     ^a/ye:,nei^,     £^       „  @   /.^^  £ >.06?...^S0.6?0 

•  ■ 

• 

(^mn.jaclean  22 ^i^/^. 

,^^ouyu^  o^  Satoalc/  (^i^oai^fcft, 
4  /«^  ^u^^i,  ifOO  /^^.,  @  .^^ ^^'5.0^ 

(^zandoOten  S^ ^4^ / ^ . 

^  ca^^    ^o^^Tt   S^aU,  ^O   c/or.^n,   ®  £.0^  ^§0.06f 

/  ca^     c2S^^j/ii6uc^  ^^ue^,  3J      „        @  £.00  '/:/O.OO...^^pO.OO 

_ 


89 


90 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


(^mndac/wn  Sy ^^  / 7 > 

Qy/^^U>.  ^ame^   "^//ullen   Sf  ^o., 

ifS /ix^^cea    ^a^c?nei€^,   ^4^  yalc/j,  ®   :f.OO  240.00 

/^^      (Me^a^^,.    ^OO      „        ®     ./^ tf(?.OO..J^t?0.0^ 


.^Lececuei/  yiaujficn^. 


Sc/walc^  (2^0ul€cn. 


i 
I 


REMARKS  ON  CLOSING  THE  LEDGER. 


The  first  thing  is  to  take  an  inventory  of  all  the  property  on  hand,  of  every  description, 
at  cost,  or  at  the  present  value.  Having  ascertained  the  amount,  each  account  is  to  be  credited 
with  its  respective  amount  on  hand,  and  Balance  account  is  to  be  made  debtor  with  the  total 
amount  credited  to  each  account ;  and  each  account  thus  credited  is  to  be  closed  to  or  hy  Profit 
and  Loss  upon  that  account,  as  the  case  may  be.  For  instance,  having  added  to  the  credit  side 
of  Merchandise  account  the  amount  of  merchandise  on  hand  (viz.,  $3047.74,  see  Inventory- 
book),  it  shows  a  surplus  over  the  debtor  side  of  $566.85,  which  is  profit,  and  Merchandise  is 
to  be  debited  with  the  amount  of  gain,  and  Profit  and  Loss  is  to  be  credited  with  the  same 
amount.     (Apply  Rule  3 ;  see  the  Entries  for  Closing  the  Books,  p.  47.) 

Profit  and  Loss  is  to  be  credited  for  all  the  gains  on  the  different  accounts,  and  debited  for 
all  the  losses ;  and  all  fictitious  accounts,  such  as  Interest,  Commission,  and  Expense,  are  to  be 
balanced  to  or  Ijy  Profit  and  Loss,  for  the  gain  or  loss,  as  the  case  may  be.  It  is  then  closed  to 
or  hy  Stock  account,  for  the  gain  or  loss  in  business.     (See  the  Entries  for  Closing,  p.  47.) 

Stock  is  made  debtor  for  Private  Account  for  the  balance  ;  and  Balance  account  is  made 
debtor  to  Sundries  for  all  the  balances  of  accounts  due  from  others  to  you,  together  with  Bills 
or  Notes  Beceivable,  Merchandise,  and  Cash ;  and  Sundries  debtor  to  Balance  account,  for  the 
balances  of  all  accounts  due  from  you  to  othei*s,  together  with  the  amount  of  Bills  or  Is^otes 
Payable.  Balance  account  is  then  closed  to  Stock  account  for  its  balance,  which  amount  is 
net  capital ;  Avliich  having  been  done,  the  Books  are  balanced  and  closed.  (See  Closing  Trans- 
actions, p.  48.) 


It 


III 


92 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


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d^Xtitn    KJi^.-.Q/oZa/ afnou7i€^  c'ni^edZec/,  ^a?iaaiy  / 

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(^Jnowifia,  ^ne  ne^  '^a/u^t,  ^cinualu  / ^ 

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NOTES  TO  TUE  TRANSACTION  AND  EXPLANATION  BOOK. 


TRANSACTION     1. 

NoTK  A  -All  Notes,  Drafts,  Cash  Receipts,  Ordoi-s,  and  Bills  of  Merchandise,  bonglit  or 
sold,  referred  to,  are  to  he  given  in/«?/  by  the  scholar,  so  that  the/.m  of  each  will  hecomo 
perfectly  familiar. 

Note  B.-Mi/  or  7m,  in  these  transactions,  means  the  author,  Edward  Martin,  or  the  person 
transacting  business. 

XoTF  C-Tlic  teacher  may  ask  the  following  questions,  an  similar  ones,  in  ever^/  transaction, 
if  thought  best,  viz.:  AVhich  side  in  the  Ledger  is  the  $5510  to  be  posted?  and  also  the  Cash, 
Merchandise,  Bills  Receivable,  Jan.es  Smith,  Cornelius  Whitman,  the  $1540,  Tliomas  Cha^, 
Charles  Smith  &  Co.,  and  Bills  Payable  ? 


TRANSACTION    4. 

KoTE  i>.-IIave  omitted  making  the  entries  here  in  full,  but  the  quantity,  price,  and  amount 
of  every  article  sold  should  always  be  specified,  and  entered  in  the  Day-book  in  full. 


TRANSACTION    5. 

KoTE  ^.—Whenever  a  bill  of  merchandise  is  receipted,  if  part  or  all  of  it  has  been  paid  by 
cash,  there  is  no  Cash  receipt  to  be  given  or  received. 


TRANSACTION    6. 

KoTE  F.-A  Bill  Payable  is  my  own  Note  given  to  another,  and  is  due  from  me  to  another, 
instead  of  to  me  from  another,  and  is  a  bill  I  have  got  to  pay. 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH.' 


95 


Note  G. — A  "  Bill  Receivable"  is  another  person's  Note,  and  is  due  to  me  from  another, 
instead  iA  from  me  to  another,  and  is  a  bill  which  he  should  pay. 


TRANSACTION    9. 

» 

Note  K. — Tliis  transaction  might,  or  could  liave  been  entered  thus: 

Merchandise  Dr.  to  Sundries 400.00 

Bills  Payable,  for  my  Note,  &c •. 200.00 

Bills  Receivable,  for  D.  K.  <fe  Co.'s  payment  of  my  draft,  &c 200.00 

And  then  the  second  part — 

Bills  Receivable  Dr.  to  Daniel  Kinof  &  Co 200.00 

Foa'  their  payment  of  my  draft,  (fee 200.00 

Note  TF. — A  sight  draft  or  bill  is  presented  for  payment,  and  when  paid  or  received  is  to 
be  entered  as  Cash  (as  a  general  thing),  instead  of  saying  Bills  Payable  and  Bills  Receivable. 


TRANSACTION    15. 


Note  77. — Interest  account  being  a  brancli  of  Profit  and  Loss,  would  seem  to  come  under 
that  liead,  but  as  it  is  desirable  tliat  the  amount  of  interest  should  be  seen  or  appear,  I  sliall 
therefore  call  it  a  thing  received  and  paid  out,  or  delivered,     (Apply  Rule  ?.) 

Note  7. — All  Notes  taken  up  should  be  filed  and  preserved.  Tlie  name  should  not  be 
erased,  but  write  upon  the  same  "j?a/^,"  and  when. 


TRANSACTION    ^G. 


Note  J. — On  closing  the  books,  this  account  will  be  balanced  by  transfer  to  St(X.-k  account, 


not  to  be  considered  as  a  loss  in  doino:  business. 


Note  S. — All  bankable  Notes  must  be  indorsed  by  the  holder  of  said  Note,  when  pre- 
sented, in  order  to  receive  the  money. 


■!!•■ 


TRANSACTION    11. 

150.00 

MeUCII ANDISE    Dk.    TO    SuNDKIKS ^      50.00 

Cash,  for  amount  paid  Edwin  Lincoln ; * 

Bills  mvablcfor  Note,  at  30  <],,«  from  clao,  to  Edwin  Lincoln,  both  in  payment  for  good, 

" OU.OU 

bought,  as  per  bill  of  r2th ^^^^ 

Edwin  Lincoln,  for  balance  due  (time,  3  mouths) • 

EDWIN    LINCOLN'S    ENTRY. 

150.00 

Sundries  Dr.  to  Merchandise ^  ^  ^    ^^^^ 

Cash,  for  amount  received  of  E.  Martin *  * 

Bills  Rcc.iv«bW,  for  E.  Martin's  Note,  at  30  clays  from  date,  both  in  part  payment  for 

50.00 

goods  sold 50  00 

,  Edward  Martin,  for  balance  due  on  goods  (time,  3  months) 


TRANSACTION    17. 

810.00 

Sundries  Dr.  to  Merchandise ^^^^^ 

Cash,  for  amount  received  of  C.  Ilagar ' '"**""  „^^  ^.^ 

Bills  Receivable,  itr  C.  Ilaga.'s  Note  on  demand,  both  in  part  payment  for  goods  sold.. .  200.00 
Calvin  Hagar,  for  balance  due  on  goods  (time,  30  days) 

CALVIN    IIAGAR'S    ENTRY. 

810.00 

Merchandise  Dr.  to  Sundries 500.00 

Cash,  for  amount  paid  E.  Martin ' *  *  * ' 

Bills  Payable,  for  Note  on  demand,  both  in  part  payment  for  goods  bought,  per  bdl ^^^^^ 

E<lward  Martin,  for  balance  due  on  goods  (time,  30  days) 


•i-' 


EXAMPLES    roil    PRACTICE. 


Q.  If  you  commence  business  witli  Casli  only,  what  would 
bo  your  entry  ? 

A.   Ctuk  Dr.  to  Stock.,  for  amount  invested  in  trade. 

Q.  If,  at  the  commencement  of  business,  you  owe  Note  and 
James  Whitman,  what  would  be  your  entry  ? 

A.  Slock  Dr.  to  Sundries — viz.^  B'dh  Payable  for  my  Note.,  and 
James  W/iittnanfor  balance  due. 

Q.  "What  is  the  net  capital  with  which  you  commence  busi- 
ness in  the  above  ? 

A.  The  difference  between  Stock  credit  and  Stock  debtor. 

Q.  If  you  buy  goods  for  Cash,  what  is  the  entry  ? 

A.  Merchandise  Dr.  to  Cash,  for  goods  bought. 

Q.  If  you  give  your  Note,  at  G  months,  to  Enoch  Howe,  in 
payment  for  goods  bought  of  him,  what  is  the  entry  ? 

A.  Merchandise  Dr.  to  Bills  Payable. 

Q.  If  you  take  up  the  above  Note  with  Cash,  what  is  the 
entry? 

A.  Bills  Payable  Dr.  to  Cash. 

Q.  If  you  buy  goods,  and  give  in  payment  Ciish  and  Note 
you  hold  against  Abel  Allen,  what  is  the  entry  ? 

A.  Merchandise  Dr.  to  Sundries — via.^  Cash  and  Bills  Beceiv- 
able. 

Q.  If  I  am  owing  Daniel  Parker  (now  due),  and  give  him  in 
payment  my  Note  at  4  months,  interest  added,  what  would  be 
my  entry  ? 

A.  Sundries  Dr.  to  Bills  Payable — viz.,  Daniel  Parker  and 
Interest. 

Q.  What  would  be  Daniel  Parker's  entry  ? 
*     A.  Bills  Receivable  Dr.  to  Sundries, 
Edward  Martin,  and 
Interest, 

Q.  If  I  exchange  Notes  with  Clark  Spaulding,  {.  e.,  give  him 
my  Note  at  4  months,  and  receive  his  for  the  same  amount  and 
time,  and  I  get  the  same  discounted  before  entering  it  upon  the 
books,  what  would  be  my  entry  ? 

A.  Sundries  Dr.  to  Bills  Payable, 

Cash,       for  amount  received,  and 
Interest,      "       "        discount. 

Q.  What  would  be  Clark  Spaulding's  entry  ? 

A.  Bills  Receivable  Dr.  to  BiUs  Payable. 

Q.  Suppose  I  draw  a  sight-draft  on  James  Magoon,  and  be- 
fore entering  it  I  sell  the  same  to  Charles  Mann,  and  receive 
ready  Cash,  what  would  be  my  entry  ? 

A.  Cash  Dr.  to  James  Magoon. 


Q.  What  would  be  James  Magoon's  entry  ? 

A.  Edwai'd  Martin  Dr.  to  Bills  Payable,  for  acceptance  <f  lilt 
draft. 

Q.  Suppose  I  give  Samuel  Blake  my  draft  at  sight  on  George 
Brown,  what  is  my  cnty  ? 

A.  Samuel  Blake  Dr.  to  George  Brown. 

Q.  What  would  be  Samuel  Blake's  entry  ? 

A.  Bills  Receivable  Dr.  to  Klward  Martin. 

Q.  What  would  be  George  Brown's  entry  ? 

A.  Edward  Martin  Dr.  to  B'dls  Payable. 

Q.  If  I  should  sell  my  draft  on  George  Brown  to  Samuel 
Blake  at  par,  and  receive  from  him  my  Note  and  Cash,  what 
would  be  my  cntrj'  ? 

A.  Sundries  Dr.  to  George  Brown — viz.,  Bills  Payaffle  and  Cash. 
Or  it  might  be  entered  thus  :  • 

Bills  Receivable  Dr.  to  George  Brown;  and  then  make 
Sundries  Dr.  to  Bills  Receivable — viz.,  Bills  Payable  and 
Cash. — (But  prefer  the  first  way.) 

Q.  James  Gilbert  draws  on  me  at  sight  in  favor  of  Charles 
Allen,  and  I  pay  the  draft  in  Cash  when  presented, — what  would 
be  my  entry  ? 

A.  Jam^s  Gilbert  Dr.  to  Cash.      • 

Note. — Hero  I  make  James  Gilbert  debtor  to  Cash,  although  he 
h.ad  no  Cash  paid  to  liim,  but  my  payment  of  his  draft  showft 
tchy  he  is  made  debtor. 

Q.  If  I  had  entered  the  above  draft  before  paying  it,  what 
would  be  my  entry  ? 

A.  James  Gilbert  Dr.  to  Bills  Payable,  for  my  acceptance  of 
his  draft. 

Q.  What  vrould  be  James  Gilbert's  entry  ? 

A.  Charles  Allen  Dr.  to  Edward  Martin,  or 

BiUs  Receivable  Dr.  to  Edward  Martin  /  and  then 
Charles  Allen  Dr.  to  BiUs  Receivable. 

Q.  What  would  be  Charles  Allen's  entry,  if  not  entered  be- 
fore receiving  the  Cash  ? 

A.  Cash  Dr.  to  James  GiXbert. 

Q.  What  would  be  his  entr\%  if  entered  before  receiving  the 
Cash? 

A.  Bills  Receivable  Dr.  to  James  Gilbert. 

Q.  What  would  be  his  entry  when  discounted  and  Ciish 
received  ? 

A.  Cash  Dr.  to  Bills  Receivable. 

Q.  If  I  sell  merchandise  to  Charles  Kimball  on  book-account, 
what  is  my  entrj'  ? 


I 


13 


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98 


PRACTICAL    BOOK-KEEPING    FOR    YOUTH. 


A. 


A.   Cnarles  Kimhall  Dr.  to  Mti-cTiandlse. 

Q.  If  Charles  Khnhull  should  pay  the  bill  of  mcrchnndisc, 
by  givin<?  up  a  Note  which  he  holds  against  me,  in  part  pay- 
ment, and  Cash  for  the  balance,  what  would  be  my  entry? 
A.  Sundries  Dr.  to  CharUs  Kimball, 
Bills  Payable  and  Ca^Ji. 
'NVhat  would  be  Charles  Kimball's  entry  1 
Merchandise  Dr.  to  Sundries,  . 

BiVoS  Reciivable  and  Cash. 
QUI  buy  goods  of  B.,  and  pay  for  the  same  by  giving  my 
dmft,  at  sight,  on  Edmund  Burke  for  part,  my  Note  fi>r  part, 
and  Cash  in  full,  what  entry  ? 
A.  Merchandise  Dr.  to  Sundries, 

Edmnnd  Burke  Jor  Us  payment  of  my  draft,  etc., 

Bills  DayabU,      *'  my  Note, 

Q(^^j^  "  for  amount  paid  ill  full. 

What  entry  would  B.  make  1 
Sundries  Dr.  to  Merchandise, 
Bills  Receivalle  {viz.,  E.  MarthCs  draft  and  note)  and 
Cash. 
What  would  be  Edmund  Burke's  entry  ? 
Edivard  Martin  Dr.  to  Bills  Payable. 
If  Edmund  Burke  should  foil,  and  B.  shoiild  ngrco  to 
discharge  him  in  full  for  amount  of  his  claim,  in  consideration 
that  he  should  pay  one-half  in  Cash,  what  would  be  B.'s  entry  ? 
A.  Sundries  Dr.  to  Bills  Receivable, 
Cash,  for  amou?it  received,  and 
Profit  and  Loss,  for  amount  of  loss. 
Q.  Wliat  would  be  Edmund  Burke's  entry? 
A.  Bills  Payable  Dr.  to  Sundries, 
Cash,  for  amoufitpaid,  and 
Profit  and  Loss,  for  the  balance  (gain). 
Q.  If  I  obtain  a  discount  on  my  own  Kote  at  the  Bank,  what 

is  my  entry  ?  „    t       ^  r  ^      * 

A.  Sundries  Dr.  to  Bills  Payable,  rw.,  Cash  and  Interest. 


A. 


A. 


■■--.-miiiirMa' 


■=i;>.f»B!WfiTff) 


Q.  If  I  should  get  James  Lawins'  Note  (which  I  hold  agamst 
him)  discounted  at  the  Bank,  what  would  be  my  entry  ? 

A.  Sundries  Dr.  to  Bills  Receivable— viz..  Cash  and  Interest. 

Q  Why  do  I  make  a  difference  on  my  own  Note  discounted, 
froni  that  made  upon  obtaining  a  discomit  on  a  Note  due  to  mo 

by  another  ?  .  .■,      j 

A.  Because  when  I  receive  a  Note,  it  is  due  from  another  to  me 
and  is  made  debtor  to  Bills  Receivable;  and  nhen  it  is  disposed 
of  Bills  Receivable  must  be  credited.  But  u-hen  I  give  my  own 
£te,  it  is  due  from  me  to  another,  and  is  called  Bills  Payable; 
and  tvhen  I  receive  any  thing  for  which  I  give  my  ou>n  hote,the 
thing  received  is  made  debtor  to  Bills  Payable  for  the  amount 

Q  Sold  goods  to  Edwin  Kimball,  for  which  I  have  received 
in  payment  my  Note  (given  up),  his  own  Note,  order  on 
William  A.  Bacon,  at  30  days  (accepted),  and  Cash  m  full,— 

what  is  my  entry  ? 

A.  Sundries  Dr.  to  Merchandise, 
Bills  Payable, 
Bills  Receivable, 
William  A.  Bacon,  and 
.    Cash. 
Q.  What  would  be  Edwin  KimbalVs  entry? 
A.  Merchandise  Dr.  to  Sundries, 
Bills  Receivable, 
Bills  Payable, 
William  A.  Bacon,  atid 

Cash. 
Q.  What  would  be  William  A.  Bacon's  entry? 
A   Elmn  Kimball  Dr.  to  Edward  Martin. 
Q.  At  the  end  of  SO  days,  I  received  Cash  of  Willuuu  A, 
Bacon  for  amount  of  order,  what  is  my  entry? 
A.  Cash  Dr.  to  WiUiatn  A.  Bacon. 
Q.  What  would  be  William  A.  Bacon's  entry? 
A.  Edward  Martin  Dr.  to  Cash. 


\ 


\ 


MERCANTILE    FORMS    OF    SUNDRIES 


NOT  USED  IN  THE  PRECEDING  TRANSACTIONS. 


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